Vicwest Income Fund Confirms December 2008 Special Non-Cash Distribution



    Toronto Stock Exchange: VIC.UN

    OAKVILLE, ON, Feb. 27, 2009 /CNW/ - Vicwest Income Fund ( the "Fund")
(TSX: VIC.UN) announced today that the value of its special non-cash
distribution paid to unitholders of record as of December 31, 2008 was $0.25
per unit.
    The Fund is obligated under its Declaration of Trust to distribute all
taxable income within a calendar year. The special non-cash distribution,
which was paid in Fund units, ensured that the Fund fully distributed all of
its 2008 taxable income. The Fund units were distributed on a pro rata basis
with the value to be included in the unitholders' taxable income for the 2008
calendar year. Following the pro rata distribution, the number of outstanding
Fund units was consolidated, such that each unitholder held the same number of
Fund units as before the non-cash distribution.

    About Vicwest Income Fund

    The Fund is one of Canada's leading manufacturers and distributors of
construction building products, including metal roofing, siding and other
metal building products. Headquartered in Oakville, Ontario, it fabricates and
markets these products under the Vicwest, Mercury Metals, Valley Truss & Metal
and RCA 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. Its liquid storage tanks and accessories are
manufactured and distributed under the trade names Westeel, Northern Steel
Industries and NSI. The Fund has 16 manufacturing facilities strategically
located across Canada with more than 1,000 dedicated employees committed to
providing superior quality products and delivering excellent service to
customers in domestic and international markets.

    Forward Looking Statements

    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.
    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.

    %SEDAR: 00022432E




For further information:

For further information: Colin Osborne, President & Chief Executive
Officer, Vicwest Income Fund, Tel: (905) 469-5700, Fax: (905) 825-1090; John
Slattery, Executive VP & Chief Financial Officer, Vicwest Income Fund, Tel:
(905) 469-5706, Fax: (905) 825-1090

Organization Profile

Vicwest Inc.

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