Vicwest Announces Repurchase and Cancellation of Units and an Update on its Normal Course Issuer Bid



    OAKVILLE, ON, June 17 /CNW/ - Vicwest Income Fund ("Vicwest" or the
"Fund") (TSX: VIC.UN) is providing an update on its issued and outstanding
capital.
    As of June 30, 2008, the number of Fund units outstanding is expected to
be 17,419,468, compared to 18,675,564 at the end of the first quarter of 2008.
This reduction is a result of the purchase and cancellation of 300,000 units
under the Fund's normal course issuer bid (NCIB), and the favourable
resolution of an outstanding legal dispute which will allow the Fund to cancel
956,096 units. The Fund presently has capacity to purchase and cancel up to an
additional 600,000 units through December 21, 2008 under its NCIB.

    About the Fund

    The Fund, headquartered in Oakville, Ontario, is one of Canada's leading
manufacturers and distributors of construction building products, including
metal roofing, siding and other metal building products. The Fund fabricates
and markets these products under the Vicwest, Mercury Metals and Valley Truss
& Metal trade names. Under the Westeel trade name, the Fund is one of Canada's
foremost manufacturers of steel containment products for agricultural storage
of grain and fertilizer. The Fund's liquid storage tanks and accessories are
manufactured and distributed under the trade names Westeel, Northern Steel
Industries and NSI. The Fund has 15 manufacturing facilities strategically
located throughout Canada with approximately 1,000 dedicated employees
committed to providing quality products and excellent service to customers in
domestic and international markets.

    This press release contains forward-looking information within the
meaning of applicable securities laws. Forward-looking information is subject
to certain factors, including risks and uncertainties, that could cause actual
results to differ materially from what the Fund currently expects and there
can be no assurance that such statements will prove to be accurate.
Accordingly, readers should not place undue reliance on forward-looking
statements. In particular, the Fund's expectations concerning future
distributions are subject to the risk factors detailed in the Fund's
continuous disclosure filings, and there can be no assurance that such
distributions will be made.
    Further information can be found in the disclosure documents filed by
Vicwest Income Fund with the securities regulatory authorities, available at
www.sedar.com and on the Fund's website www.vicwestfund.com.





For further information:

For further information: Mr. Colin Osborne, President and CEO, (905)
469-5700; Mr. John Slattery, Executive Vice President and CFO, (905) 469-5706

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Vicwest Inc.

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