CCS Income Trust provides transaction update



    CALGARY, Oct. 3 /CNW/ - CCS Income Trust (TSX: CCR.UN) ("CCS" or the
"Trust") said today that it continues to work towards closing its previously
announced going private transaction, and anticipates, subject to agreement
terms referenced below, that the transaction will close not later than
November 15, 2007, as previously announced. CCS is working with the investor
group and the purchaser's lenders to finalize the documentation required to be
provided under the acquisition agreement to facilitate the debt financing. The
lenders have executed commitment letters to provide financing to the
purchaser.
    Closing is subject to the closing conditions in the acquisition agreement
and subject to the rights of the parties to the acquisition agreement to
extend the closing date in certain circumstances (including if the debt
marketing has not been fully concluded by November 15, 2007) or to close
earlier, if the debt marketing period is shortened or waived. Until the time
of closing, unitholders are expected to continue to receive distributions,
including their pro-rata share of distributions up to the closing date.
    As previously disclosed, on September 5, 2007, CCS unitholders and
exchangeable shareholders approved the proposed going private transaction
involving an investor group led by Mr. David Werklund, the Founder, President
and Chief Executive Officer of CCS and which includes CAI Capital Partners,
Goldman Sachs Capital Partners, Kelso & Company, Vestar Capital Partners,
British Columbia Investment Management Corporation, Alberta Investment
Management and O.S.S. Capital Management L.P.
    On September 17, 2007, CCS announced that the investor group had obtained
approval under the Investment Canada Act to proceed with the transaction.
    Securityholders who are registered holders of CCS security certificates
are urged to deposit their letters of transmittal and trust unit or
exchangeable share certificates as soon as possible to ensure prompt payment
following closing. Other securityholders who own through a broker, bank or
intermediary are requested to ensure they instruct their intermediary to
deposit letters of transmittal together with the relevant securities held in
their account.
    In order to receive payment for registered certificates for trust units
and exchangeable shares held by securityholders, a letter of transmittal and
the relevant security certificate must be delivered by such securityholder (or
brokerage or nominee on behalf of such security holder) to Computershare Trust
Company of Canada. For more information regarding letters of transmittal and
deposit of securities, CCS securityholders should contact Kingsdale
Shareholder Services Inc., the Canadian and non-US proxy solicitation agent,
1-800-749-9890 (Banks and brokers should call Kingsdale collect at
416-867-2272) or Innisfree M&A Incorporated, the US proxy solicitation agent,
at 1-888-750-5834 (Banks and brokers should call Innisfree collect at
212-750-5833).

    About CCS Income Trust

    CCS Income Trust is a recognized industry leader providing integrated and
environmentally responsible services to upstream and downstream oil and gas
companies in Canada and the U.S. Headquartered in Calgary, Alberta, CCS has
almost 3,000 employees and provides a diverse number of services across four
divisions. CCS Midstream Services provides oilfield waste treatment, recovery
and disposal through a network of facilities across western Canada and in the
United States. CCS Energy Marketing provides crude oil and condensate
marketing services. HAZCO Environmental Services offers integrated
remediation, waste management and decommissioning solutions including the
operation of engineered landfills throughout Canada. Concord Well Servicing
manages well completions, workovers and abandonments with a fleet of 140 rigs.
Additional integrated services include NORM management, regulatory compliance
expertise, inactive well management, well and pipeline abandonments, oilfield
equipment rental, metals recycling and geotechnical and environmental
drilling.

    Forward-looking statements

    This news release contains "forward-looking statements" within the
meaning of applicable securities laws relating to the proposal to take the
Trust private, including statements regarding the terms and conditions of the
proposed transaction, its status and closing, and receipt of distributions of
the Trust. Readers are cautioned not to place undue reliance on
forward-looking statements. Actual results and developments may differ
materially from those contemplated by these statements depending on, and
including that, among other things, the risks that the parties will not
proceed with a transaction, that the ultimate terms of the transaction will
differ from those that currently are contemplated, and that the transaction
will not be successfully completed for any reason (including, without
limitation, the failure to obtain the required approvals or clearances from
regulatory authorities). The statements in this news release are made as of
the date of this release. We undertake no obligation to comment on analyses,
expectations or statements made by third parties in respect of the Trust, its
financial or operating results or its securities.

    %SEDAR: 00017961E




For further information:

For further information: Investors, David Werklund, President and Chief
Executive Officer, CCS Income Trust, Phone: (403) 233-7565; Blaine Melnyk,
General Counsel & Corporate Secretary, CCS Income Trust, Phone: (403)
231-8477; Media, David Ryan, Longview Communications, Phone: (604) 562-5895;
Shauna Lowry, Corporate Communications Manager, Phone: (403) 231-1127

Organization Profile

CCS CORPORATION

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