WesternOne Equity Income Fund Announces Definitive Agreement to Acquire Old Country Rentals and a Conditional 11.1% Increase in Distribution



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

    VANCOUVER, April 27 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSXV: WEQ.UN and WEQ.DB) announced today that WEQ Old Country
Rentals LP, an indirect subsidiary of WesternOne Equity, entered into an
acquisition agreement (the "Acquisition Agreement") to acquire the assets and
business of Old Country Rentals Ltd. ("Old Country Rentals") for
$7.85 million, subject to adjustment in certain circumstances (the
"Acquisition").
    The closing of the transactions contemplated by the Acquisition Agreement
is expected to occur by June 30, 2007, subject to standard closing and
regulatory conditions. Funding of the Acquisition will be by way of existing
cash, debt and the issuance of 150,000 trust units of WesternOne Equity.
    Darren Latoski, CEO of WesternOne Equity, stated, "We are looking forward
to closing this transaction so that we can add the Old Country Rentals team,
and their two Greater Victoria locations, to our rental equipment, sales and
service platform. This accretive acquisition will further enhance our ability
to deliver a full service product offering to our customers in Victoria and
Greater Vancouver."
    In addition, based on the accretiveness of this Acquisition expected by
management of WesternOne Equity, the Board of Trustees has approved an 11.1%
increase in the cash distribution, conditional on the closing of the
Acquisition, from $0.045 to $0.05 per trust unit effective July 1, 2007
(equivalent to $0.60 per trust unit on an annualized basis).

    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 WesternOne
Equity's 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, 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


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