WesternOne Equity Income Fund Announces Release of Q3 Financial Results and Schedules Conference call



    VANCOUVER, Nov. 19 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSXV: WEQ.UN and WEQ.DB) today announced the release of its
financial results for the nine months ended September 30, 2007. The results,
consisting of WesternOne Equity's unaudited interim consolidated financial
statements for the nine months ended September 30, 2007, and Management's
Discussion and Analysis dated November 10, 2007, are available on SEDAR
(www.sedar.com).

    Financial Highlights

    The following discussion is based on selected unaudited financial and
operating results of WesternOne Equity for the three months and nine months
ended September 30th, 2007. Please refer to WesternOne Equity's Management's
Discussion and Analysis dated November 10, 2007 for further information.
    "Our business growth continued to be driven by the strong construction
industry in British Columbia," said Darren Latoski, Chief Executive Officer.
"The addition of Old Country Rentals in June, 2007 enabled us to expand our
market reach into the Vancouver Island where real estate developments are
thriving. Our revenues and gross margin both benefited from the increase in
the size of our rental fleet and expanded geographical reach."
    Total revenues of $16.44 million for the nine months ended
September 30th, 2007 increased by 20.4%, or $2.79 million, compared to
$13.65 million for the nine months ended September 30th, 2006.
    Gross margin was 67.9% for the nine months ended September 30th, 2007,
compared to 73.6% for the nine months ended September 30, 2006. The lower
margin is due to the significant growth in equipment sales this year
($4.77 million revenue compared to $2.55 million last year, or 87.1%
increase), benefited from the strong construction sector. Equipment sales
typically have a lower margin than equipment rentals.
    Operating expenses, before interest, amortization and accretion, of 
$5.30 million for the nine months ended September 30th, 2007 increased by
20.1%, or $0.88 million, compared to $4.42 million for the nine months ended
September 30th, 2006.
    Earnings before interest, income taxes, amortization and accretion
("EBITDA") of $5.86 million for the nine months ended September 30th, 2007
increased by 4.2%, or $0.23 million, compared to $5.63 million for the nine
months ended September 30th, 2006.
    Distributable cash for the three months ended September 30th, 2007 was
$2.5 million, or $0.2115 per trust unit, and WesternOne Equity distributed
$1.8 million, or $0.1500 per trust unit, relating to the three consecutive
monthly cash distributions to its public unitholders, resulting in a payout
ratio of 70.9%.
    Distributable cash for the nine months ended September 30th, 2007 was
$4.9 million, or $0.5550 per trust unit, and WesternOne Equity distributed
$3.7 million, or $0.4166 per trust unit, relating to the nine consecutive
monthly cash distributions to its public unitholders, resulting in a payout
ratio of 77.0%.
    WesternOne Equity has announced a subsequent monthly distribution of
$0.05 per unit for October 2007 (paid November 15, 2007).
    During the nine months ended September 30th, 2007, WesternOne Equity
increased the monthly distributions by 22.5%, from $0.0408 per trust unit to
$0.05 per trust unit (effective June 1, 2007).
    "We are pleased with the increase in distributions through executing our
current growth strategy," said Mr. Latoski. "Following the success from the
acquisition of Old Country Rentals, we continue to seek business growth
through accretive acquisitions and organic growth within existing operations."

    Conference Call

    Darren Latoski, CEO, and Carlos Yam, CFO, of WesternOne Equity GP Inc.
will host a conference call at 5:30pm (EST), 2:30pm (PST), on Thursday,
November 22, 2007, to review the financial results and corporate developments
for the nine months ended September 30th, 2007.
    To participate in this conference call, please dial one of the following
numbers approximately 10 minutes prior to the commencement of the call, with
the participant pass-code 3243092 (follow by the n umber sign).

    Vancouver..................... 604-639-5228
    Toll-free..................... 1-888-789-9572

    If you are unable to participate, a replay will be available one hour
after the meeting end, until midnight of Thursday, December 6th, 2007, by
dialing one of the following numbers with the passcode 3243092 follow by the
number sign.

    Toronto............................. 416-695-5800
    Toll-free........................... 1-800-408-3053

    We look forward to having you participate in our call.

    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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