Canadian Equipment Rental Fund Limited Partnership Results for the Second
Quarter 2010

TSX Venture Symbol: CFL.UN

CALGARY, Aug. 27 /CNW/ - Mr. Wayne Wadley, president of CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership ("CERF" or the "Partnership"), is pleased to announce the results for the three and six months ended June 30, 2010.

Full details of the Partnership's results, in the form of the unaudited financial statements for the three and six months ended June 30, 2010 and Management's Discussion and Analysis of the results dated August 25, 2010 are available on SEDAR at www.sedar.com and on the Partnership's website www.cerflp.com.

    
    Highlights of the six months ended June 30, 2010 were:

    -   Revenue for the six months was $6,738,004.

    -   Net loss per unit of $0.02 basic.

    -   EBITDA for the period was $2,168,763

    -   EBITDA per unit of $0.37 basic.

    -   Distributions of $0.12 per unit were declared for the six months.
    

FORWARD LOOKING STATEMENTS

This press release contains forward looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances, cash flows or the ability to pay distributions to be materially different from the results, performances, cash flow or the ability to pay distributions expressed or implied by such forward looking statements.

Mr. Wadley makes the following statements:

"We are still seeing indications of an economic recovery that cause us to believe that 2010 will be a better year for the Partnership. The second quarter of 2010 was hampered by a warm and wet spring which reduced the demand for winter equipment and put many construction projects on hold as it was too wet to continue. Also some projects were put on hold due to the tightening of credit caused by the fear of a worsening economy related to the crisis in Europe. With those events behind us we are looking to the last half of the year with optimism.

The waste disposal and recycling business we acquired in October 2009 is continuing to grow. We are experiencing higher demand for our recycling and disposal services as we continue to roll out innovative new products and services. Our 4-Way customers have embraced this additional product line as they are seeking more single source solutions for their construction needs. We look forward to continuing to expand in this sector."

CERF is an Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF trades on the TSX Venture Exchange under the symbol "CFL.UN" and currently has 6,096,450 units issued and outstanding.

    
    CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

    Consolidated Balance Sheets - unaudited
    -------------------------------------------------------------------------
                                                     June 30,    December 31,
                                                       2010          2009
    -------------------------------------------------------------------------

    Assets
    Current assets:
      Cash                                        $     76,632  $     42,502
      Accounts receivable                            2,337,291     2,370,047
      Inventory and other                            1,324,357       764,249
      Prepaid expense                                  265,832       215,506
    -------------------------------------------------------------------------
                                                     4,004,112     3,392,304

    Property and equipment                          16,572,369    17,995,205
    Goodwill                                           203,477       203,477
    Financial derivatives                                  109        19,697
    -------------------------------------------------------------------------
                                                  $ 20,780,067  $ 21,610,683
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Partners' Equity
    Current liabilities:
      Bank indebtedness                           $    329,322  $    317,193
      Accounts payable and accrued liabilities       1,374,206     1,053,376
      Distributions payable                            365,787       365,334
      Note payable                                     300,000       300,000
      Current portion of long-term debt              1,817,576     1,681,313
      Current portion of capital lease obligation      100,099        95,646
    -------------------------------------------------------------------------
                                                     4,286,990     3,812,862

    Long-term debt                                   4,824,302     5,296,964
    Obligation under capital lease                   4,379,788     4,430,759
    Future income taxes                                301,290       301,340
    -------------------------------------------------------------------------
                                                    13,792,370    13,841,925
    -------------------------------------------------------------------------

    Partners' equity:
      Limited partnership units                      9,082,330     9,068,408
      Unit purchase loans receivable                  (374,535)     (438,659)
      Contributed surplus                              475,618       470,613
      Deficit                                       (2,195,716)   (1,331,604)
    -------------------------------------------------------------------------
                                                     6,987,697     7,768,758
    -------------------------------------------------------------------------
                                                  $ 20,780,067  $ 21,610,683
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

    Consolidated Statements of Operations - unaudited
    -------------------------------------------------------------------------
                      Three Months  Three Months    Six months    Six months
                             ended         ended         ended         ended
                           June 30,      June 30,      June 30,      June 30,
                              2010          2009          2010          2009
    -------------------------------------------------------------------------

    Revenue:          $  2,870,924  $  2,955,470  $  6,738,004  $  7,127,456
    -------------------------------------------------------------------------

    Expenses:
      General and
       administrative      445,485       308,361       744,935       623,809
      Interest on
       long term debt      195,835        87,372       395,788       163,231
      Operating          1,836,654     1,784,687     3,913,490     3,807,423
      Amortization
       of property
       and equipment       754,144       824,581     1,587,580     1,638,721
      Loss on disposal
       of property
       and equipment       245,908        11,144       210,078        26,984
      Loss (gain) on
       derivatives          33,680       (21,724)       20,594       (21,724)
    -------------------------------------------------------------------------
                         3,511,706     2,994,421     6,872,465     6,238,444
    -------------------------------------------------------------------------

    (Loss) income
     before taxes         (640,782)      (38,951)     (134,461)      889,012
    Future income
     taxes (recovery)      (44,115)      (68,511)          (50)      (35,137)
    -------------------------------------------------------------------------
    Net and
     comprehensive
     (loss) income    $   (596,667) $     29,560  $   (134,411) $    924,149
    -------------------------------------------------------------------------

    (Deficit)
     retained earnings,
     beginning of
     period             (1,233,932)      901,759    (1,331,604)      700,466
    Partner
     distributions
     declared             (365,117)     (695,644)     (729,701)   (1,388,940)
    -------------------------------------------------------------------------
    (Deficit)
     retained
     earnings, end
     of period        $ (2,195,716) $    235,675  $ (2,195,716) $    235,675
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net (loss)
     income per unit:
      Basic           $      (0.10) $       0.00  $      (0.02) $       0.16
      Diluted         $      (0.10) $       0.00  $      (0.02) $       0.16
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

Full financial statements and notes thereto as well as management discussion and analysis are available on the SEDAR website at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00022335E

SOURCE CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

For further information: For further information: Wayne Wadley, President & CEO at (403) 850-4095 or by email at wwadley@cerflp.com; or Ken Stephens, CFO at (403) 298-8695 or by email at kstephens@cerflp.com

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CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

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