FrontFour Holdings Inc. takeover bid for IAT Air Cargo Facilities Income Fund (TSX: ACF.UN) to expire on Wednesday August 20, 2008 at 5:00PM PST



    VANCOUVER, Aug. 18 /CNW/ - FrontFour Holdings Inc. ("FrontFour") is
reminding unitholders of IAT Air Cargo Facilities Income Fund (the "Fund")
that FrontFour's offer to purchase units of the Fund is set to expire in two
days on Wednesday, August 20, 2008 at 5:00 p.m. (Vancouver time).
    FrontFour's offer of $7.40 per unit for 2,801,184 units of the Fund
represents a 15.6% premium to the closing price of $6.40 per unit on Friday,
August 15, 2008. The trustees of the Fund have publicly stated that they will
be tendering their units of the Fund to FrontFour's offer.
    As stated in the Notice of Change to Trustee's Circular filed on August
13, 2008, which was prepared by the trustees of the Fund (the "Trustees'
Circular"), the Fund has undertaken and completed a solicitation process with
the assistance of its legal and financial advisors. As stated in the Notice of
Change to Trustee's Circular filed on August 13, 2008, which was prepared by
the trustees of the Fund (the "Trustees' Circular"), the Fund has undertaken
and completed a solicitation process with the assistance of its legal and
financial advisors. As publicly stated by the Fund, during that process, BMO
Capital Markets contacted 24 potential bidders, seven of which signed
confidentiality agreements. Ultimately, no party submitted a proposal to
acquire the Fund or its assets. FrontFour believes that its offer represents a
financially superior alternative for unitholders, as the Fund and its advisors
could not find a single party to submit an alternative bid for the Fund or its
assets.
    Having received no alternative bids for the Fund or its assets, the
Trustee's have unanimously decided not to make a recommendation with respect
to the acceptance or rejection of the FrontFour offer. However, the Trustees
have each advised the Fund that they intend to accept FrontFour's offer and
tender 100% of their units.
    FrontFour announces that if units are taken up under the offer, then the
1,000 units of the Fund that FrontFour purchased on the TSX on June 30, 2008
will not reduce the number of units that FrontFour takes up under the offer.
    The offer is being made solely by a formal take-over bid circular, which
contains the full terms and conditions of the offer, including details of how
the offer may be accepted. The formal take-over bid circular has been filed on
SEDAR. Fund unitholders should read the take-over bid circular and any other
materials relating to the offer, copies of which can be obtained on the SEDAR
website at www.sedar.com http://www.sedar.com.

    About FrontFour

    FrontFour Capital Group LLC is a privately owned hedge fund management
company based in Stamford, Connecticut. FrontFour Holdings Inc. is a British
Columbia corporation and a wholly owned subsidiary of FrontFour Capital Group
LLC.

    
    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    





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