WesternOne Equity Income Fund Announces Proposed Acquisition of Equipment Rental and Propane Distribution Business in Edmonton, Alberta



    VANCOUVER, July 29 /CNW/ - WesternOne Equity Income Fund ("WesternOne")
(TSX: 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 and propane distribution
business based in Edmonton. The transaction is expected to be completed,
subject to due diligence and other customary conditions, in September 2008.
    WesternOne intends to acquire a 100% interest in this business. Further
details will be announced upon the entering into of a formal acquisition
agreement and after the completion of the transaction.
    This transaction will be financed with a combination of existing cash and
credit facilities and is expected to be immediately accretive to WesternOne's
unitholders.
    Mr. Darren Latoski, CEO of WesternOne, states, "This transaction allows
WesternOne to acquire a company with an excellent management team which is a
market leader in its segments in the Northern Alberta equipment rental and
propane distribution industry. This acquisition will increase WesternOne's
exposure to Alberta's robust construction and infrastructure markets and
further geographically diversify WesternOne's revenues. We will continue to
look to consolidate in this industry as well as adding additional new platform
businesses."

    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'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, nature of trust units and
unfavourable changes in capital markets. Although the forward-looking
statements contained in this press release are based upon what WesternOne
management believes to be reasonable assumptions, WesternOne 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 assumes no obligation to update or revise them to
reflect new events or circumstances, other than as required by law.

    About WesternOne
    ----------------
    WesternOne seeks to acquire predominantly equipment and infrastructure
related 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 is available at www.weq.ca or
www.sedar.com

    THE TSX 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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