WesternOne Equity Income Fund Announces Acquisition of Equipment Rental Company in Calgary



    /NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE
    US./

    VANCOUVER, Nov. 1 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSXV: WEQ.UN and WEQ.DB) today announced that it has signed a letter
of intent for the purchase of the assets of an equipment rental business with
locations in Calgary and Lethbridge, Alberta. The transaction is expected to
be completed, subject to due diligence and other customary conditions, in
January 2008.
    WesternOne Equity intends to acquire a 100% interest in this business,
which is a leading player in its market. Further details will be announced
upon the completion of the transaction.
    This transaction will be financed with existing cash and credit
facilities and is expected to be immediately accretive to WesternOne Equity's
unit holders.
    Mr. Darren Latoski, CEO of WesternOne Equity, states, "This acquisition
allows WesternOne to acquire a strong company with an excellent management
team which is a market leader in its segment in the Southern Alberta equipment
rental industry. We will continue to look to consolidate in this industry as
well as adding additional new platform businesses."

    About WesternOne Equity
    -----------------------
    WesternOne Equity has been established to seek out and acquire
predominantly privately owned businesses located primarily in the Western
Canadian provinces of British Columbia, Alberta and Saskatchewan, in order to
generate stable and growing distributions to its unitholders as well as to
achieve overall capital appreciation.
    Additional information about WesternOne Equity is available at www.weq.ca
or www.sedar.com

    Forward-Looking Statements
    --------------------------
    Certain statements in this press release may constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. When used in this press release, such statements often use, but
are not limited to, such words as "may", "will", "expect", "should",
"believe", "intend", "plan", "anticipate", "potential", and other similar
terminology. These statements reflect current expectations of management
regarding future events and operating performance and speak only as of the
date of this press release. Forward-looking statements involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate indications of
whether or not such results will be achieved. A number of factors could cause
actual results to differ materially from the results discussed in the
forward-looking statements, including, but not limited to, the following
factors: competitive and economic environment, the results of due diligence
inquiries and negotiation of acquisition documents, impact of changes to tax
treatment of income trusts or dividend tax credits, foreign exchange,
seasonality, inability to close or realize accretive benefits from
acquisitions, fluctuation of cash distributions and nature of trust units.
Although the forward-looking statements contained in this press release are
based upon what WesternOne Equity's management believes to be reasonable
assumptions, WesternOne Equity cannot assure investors that actual results
will be consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this press release and
WesternOne Equity assumes no obligation to update or revise them to reflect
new events or circumstances.

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.





For further information:

For further information: Andrew Greig, Manager of Investor Relations,
WesternOne Equity Income Fund, Suite 910, 925 West Georgia Street, Vancouver,
BC, V6C 3L2, Phone: (604) 678-4042, E-mail: agreig@weq.ca, www.weq.ca


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