Investment Canada approval received for CCS Income Trust going private transaction



    CALGARY, Sept. 17 /CNW/ - CCS Income Trust (TSX: CCR.UN) ("CCS" or the
"Trust") announced today that the group of investors led by Mr. David
Werklund, the President and Chief Executive Officer of CCS, has obtained
approval under the Investment Canada Act, in connection with the previously
announced going private transaction. The approval received from the Canadian
Minister of Industry confirms that the transaction is of "net benefit to
Canada".
    In order to demonstrate to the Minister of Industry that the transaction
will be of net benefit to Canada, Red Sky Holdings LP, a limited partnership
formed by the Sponsor Group for the purposes of the investment, made certain
commitments to the Minister to maintain the CCS head office in Calgary,
Alberta, and to continue to carry out head office functions in Canada. Red Sky
Holdings LP has also made certain commitments to maintain CCS' aggregate
employment levels, capital expenditures, and charitable involvement, and
further, to support CCS' long-standing involvement in federal and provincial
environmental initiatives. CCS expects that the transaction will improve its
access to capital that will be needed to support growth in Canada and further
expansion into the United States, and around the world.
    The investor group, led by Mr. Werklund, 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. (collectively, the "Sponsor
Group").

    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, 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, 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
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; Marshall McRae,
Chief Financial Officer, CCS Income Trust, Phone: (403) 231-1103; Media: David
Ryan, Longview Communications, Phone: (604) 562-5895; Shauna Lowry, Corporate
Communications Manager, CCS Income Trust, Phone: (403) 231-1127

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CCS CORPORATION

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