Securex Initiates Offer to Purchase Up To 900,000 Units of First National Alarmcap Income Fund



    CALGARY, Feb. 23 /CNW/ - Securex Master Limited Partnership announces
that it has initiated an offer to purchase up to 900,000 of the outstanding
Class A Units of First National Alarmcap Income ("FNA") at a price of $4.75
per unit (the "Offer"). The closing price of the FNA Units (Toronto Stock
Exchange - FNA.UN) on February 22, 2008 was $3.70 on a volume of 5,000 units.
Between January 24, 2008 and February 22, 2008, approximately 67,568 units of
FNA have traded (average daily trading volume of approximately 3,378 units)
for an aggregate price of $255,805 or a weighted average of $3.79 per unit.
The Offer is open for acceptance until 5:00 p.m. (EST) on March 21, 2008
unless extended or withdrawn. This Offer will provide FNA unitholders with
liquidity and a premium of 25.3% to the twenty day weighted average price.
    The Offer is subject to conditions common to most tender offers including
no significant change in the business of FNA and no legal impediment to the
completion of the Offer. The Offeror also maintains the right to withdraw this
Offer at anytime.
    First National Alarmcap Income Fund is listed on the Toronto Stock
Exchange under the trading symbol FNA.UN and is in the business of providing
affordable home and business security systems.

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




For further information:

For further information: Wellington West Capital Inc., Attention: Mr.
Kevin Hooke, Senior Vice-President, Head of Investment Banking, Telephone:
Toll Free 1-800-461-6314, Direct (204) 925-2268, Facsimile (204) 942-4636

Organization Profile

FIRST NATIONAL ALARMCAP INCOME FUND

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