First National Alarmcap Income Fund announces the closing of the sale/leaseback of its Saint-Augustin-de-Desmaures building



    CALGARY, April 25 /CNW/ - First National AlarmCap GP Inc. announces the
completion of the previously-announced sale/leaseback of the St-Augustin
building of First National AlarmCap LP (the "LP"), a unit of First National
AlarmCap Income Fund (the "Fund").
    The proceeds of the sale/leaseback amount to $2,880,000, net of sales
commission and other charges. An amount of $50,000 has been deposited in trust
to secure certain obligations of the LP under the agreement and the balance of
$2,830,000 will be entirely applied against the bank term loan in furtherance
of the April 2, 2007 Bank Credit Agreement amendment requirement described in
Note 2 of the Notes to Consolidated Financial Statements for the year ended
December 31, 2006 of the Fund which requires a $5,000,000 reduction of the
amounts outstanding under the term loan by April 30, 2006.
    This transaction is expected to negatively affect monthly distributable
cash and cash flows by about $16,100 since the monthly EBITDA will decrease by
about $29,700 for loss of net rental revenues and rental payment from our new
lease agreement which will more than compensate the monthly reduction of
$13,600 in interest rate expense. Net income will be reduced by about $7,100
on a monthly basis. The Fund does not anticipate any material profit or loss
on the sale of this building.

    The Fund is an unincorporated, open-ended, limited purpose trust and its
Class A trust units are listed on the Toronto Stock Exchange under the ticker
symbol "FNA.UN". The Fund was established to acquire substantially all of the
assets and shares of Microtec Enterprises Inc. ("Microtec") and substantially
all the assets of Securex Master Limited Partnership ("Securex"). Microtec,
founded in 1989 in Quebec City, Quebec, is one of the largest residential
security monitoring companies in Canada. Securex, founded in 1994 in Calgary,
Alberta, is an alternative credit provider to dealers offering bundled
financial, billing/back office and monitoring services to independent dealers
throughout Canada.





For further information:

For further information: Leonard M. Sudermann, President & Chief
Executive Officer, First National AlarmCap Income Fund, (403) 299-2299,
len@alarmcap.ca

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FIRST NATIONAL ALARMCAP INCOME FUND

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