Teranet Announces Appointment of Special Committee and Approval of Unitholder Rights Plan



    TORONTO, Sept. 5 /CNW/ - Teranet Income Fund (TSX: TF.UN) (the "Fund")
announced that the board of directors of Teranet Inc. ("Teranet"),
administrator of the Fund, has established a special committee of independent
directors (the "Special Committee") to manage the process that Teranet has
established and this Special Committee will also evaluate the proposal by
Borealis Infrastructure Management Inc. ("Borealis") to make an unsolicited
offer to acquire all of the outstanding trust units of the Fund and Class B
limited partnership units of Teranet Holdings Limited Partnership.
    The Special Committee, together with Teranet's advisors, will evaluate
and consider the adequacy of Borealis' proposal, consider the full range of
alternatives to maximize unitholder value and make a recommendation to the
board of Teranet. Until the Special Committee receives the offer or completes
its review, it will not comment on the offer, nor will it speculate as to any
future course of action it or Teranet may take.
    Until Teranet provides a formal response to the unsolicited bid,
unitholders are advised to take no action with respect to the Borealis offer.
    The Fund also announced that its board of trustees and Teranet's board of
directors approved the adoption of a unitholder rights plan (the "Plan") to
encourage the fair and equal treatment of all unitholders in connection with
any unsolicited take-over bid. The Plan is subject to all required regulatory
approvals and unitholders will be asked to confirm the Plan at a special
meeting of unitholders to be held within six months.

    About Teranet

    Teranet offers e-services to the legal, real estate, government,
financial and healthcare markets. Teranet provides exclusive access to
Ontario's Electronic Land Registration System ("ELRS"), enabling customers to
conduct electronic registrations as well as title and writ searches relating
to real property. Teranet has also leveraged its core competencies to create
electronic service offerings in complementary areas. Teranet's comprehensive
products and services include property information, transaction management,
collateral risk management, geospatial information, workflow software and
enterprise solutions. Teranet Income Fund units are listed on the Toronto
Stock Exchange under the symbol TF.UN. For more information about Teranet,
visit www.teranet.ca.

    Forward-Looking Statements

    This news release contains statements that, other than statements of
historical fact, may be forward-looking statements about the objectives,
financial condition and results of operations of the Fund. These statements
are forward-looking and reflect management's current views and are based on
certain assumptions and expectations. Actual results could be materially
different from expectations if known or unknown risks affect the business, or
if estimates or assumptions turn out to be inaccurate. No forward-looking
statement is a guarantee of future results. Investors are cautioned not to
place undue reliance on such forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
non-recurring items announced or occurring after the statements are made may
have on the business. Teranet disclaims any intention or obligation to update
any forward-looking statement even if new information becomes available, as a
result of future events or for any other reason, except as required by law.
These statements are subject to a number of risks described in the Risks and
Uncertainties section of the last quarter's MD&A, which is available at
www.sedar.com. Risks and Uncertainties may cause actual results to differ
materially from those contained in forward-looking statements.





For further information:

For further information: Brian Kyle, VP and CFO, (416) 643-1108,
brian.kyle@teranet.ca

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