WesternOne Equity Income Fund Announces Expansion on Vancouver Island



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

    VANCOUVER, Oct. 17 /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
located on Vancouver Island. The transaction is expected to be completed,
subject to due diligence and other customary conditions, in November 2007.
    WesternOne Equity intends, through a subsidiary, 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
unitholders.
    "This acquisition" according to Mr. Darren Latoski, CEO of WesternOne
Equity, "provides an excellent fit to our existing Old Country Rentals
business and expands our geographical presence on Vancouver Island. We will
continue to look to consolidate in this industry as well as add 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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