Exchange Industrial completes acquisition of Calm Air International Ltd.



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES /
    

    WINNIPEG, April 8 /CNW/ - Exchange Industrial Income Fund (TSX: EIF.UN)
(the "Fund" or "Exchange Industrial" or "EIIF"), today announced the closing
of the acquisition of Calm Air International Ltd. ("Calm Air") which was
previously announced on March 10, 2009.
    The total consideration for the acquisition of approximately $59 million,
subject to normal post-closing adjustments, was funded with gross proceeds
from the Fund's offering of $4.1 million principal amount of 5-year 10% Series
F Subordinate Secured Convertible Redeemable Debentures, and $22.8 million in
Fund units completed April 7, 2008; the issuance of 624,211 Fund units at
$9.50/unit to the vendor; as well as a drawdown on EIIF's bank credit
facility.

    About Calm Air

    Calm Air has been operating in northern Canada for over 45 years and has
a solid reputation as Central Canada's Regional Airline. With a staff of 400
employees, Calm Air provides daily scheduled and chartered turbo-prop
passenger and cargo flights throughout Manitoba and Nunavut, with additional
seasonal flights added during northern Manitoba's fishing season and
Churchill's polar bear season in the fall. The senior management team has an
average 25 years of experience with Calm Air.

    About Exchange Industrial

    Exchange Industrial is a diversified, acquisition-oriented income trust,
focused on opportunities in the industrial products and transportation sectors
which are ideally suited for public markets except for their size. The
strategy of the Fund is to invest in profitable, well-established companies
with strong cash flows operating in niche markets in Canada and/or the United
States. The Fund is currently operating in two niche business segments:
aviation and specialty manufacturing. The aviation segment consists of
Perimeter Aviation Ltd. and Keewatin Air Limited and the specialty
manufacturing segment consists of Jasper Tank Ltd., Overlanders Manufacturing
LP, Water Blast Manufacturing LP, and Stainless Fabrication, Inc.

    
    The Toronto Stock Exchange has neither approved nor disapproved the
    contents of this press release
    





For further information:

For further information: Mike Pyle, Chief Executive Officer, Exchange
Industrial Income Fund, Phone: (204) 982-1850, Fax : (204) 982-1855, Internet:
www.eiif.ca; Alice Dunning, Investor Relations, The Equicom Group Inc., Phone:
(416) 815-0700 Ext. 255, Fax : (416) 815-0080, Email:
adunning@equicomgroup.com


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