Oceanex Income Fund confirms it is permitted to make monthly distributions until closing



    MONTREAL, Sept. 21 /CNW Telbec/ - Oceanex Income Fund (the "Fund")
(TSX: OAX.UN) confirms that the previously announced purchase agreement with
South Coast Partners Limited Partnership (the "Purchase Agreement") permits it
to continue to make its normal monthly distributions of $0.0937 per trust unit
up to but excluding the closing date of the transaction, as adjusted on a
pro rata basis for any period of less than one calendar month. The transaction
is subject to approval at a special meeting of the Fund's Unitholders and
other customary closing conditions. Closing of the transaction is anticipated
to occur in November 2007. The Purchase Agreement has been filed with Canadian
securities regulatory authorities and accordingly will be available
electronically with the Fund's other continuous disclosure documents at
www.sedar.com.

    About the Fund
    --------------

    The Fund is a Montreal based limited purpose trust that operates through
its wholly-owned subsidiary, Oceanex, an intermodal transportation business in
Canada.

    Forward-Looking Statements
    --------------------------

    Certain statements made in this release, including those concerning the
expected closing of the transaction referred to herein, are forward-looking
statements that involve risks and uncertainties, which may prevent expected
future results from being achieved. For those statements, Oceanex claims the
protection of the safe harbour for forward-looking statements contained in
applicable securities laws. Oceanex cautions that actual future performance
could be affected by a number of factors, including the fact that the expected
closing of the transaction referred to in this release is subject to customary
closing conditions, many of which are beyond its control. Therefore, future
events and results may vary substantially from what Oceanex currently
foresees. Additional information identifying risks and uncertainties is
contained in Oceanex's filings under applicable securities laws. Due to the
potential impact of these factors, the Fund disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, unless required by
applicable law.
    %SEDAR: 00009429EF




For further information:

For further information: Peter Henrico, President & CEO, Oceanex, (514)
875-9244, phenrico@oceanex.com

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OCEANEX INCOME FUND

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