WFI & Corix Announce Agreement to Pursue Geothermal Utility Opportunities



    FORT WAYNE, IN, March 26 /CNW/ - WFI Industries Ltd. announced today that
the Company had entered into a Memorandum of Understanding with Corix
Utilities, Inc. The MOU sets out a relationship allowing Corix and WFI to
jointly pursue geothermal utility opportunities in Canada and the United
States.
    Corix Utilities, Inc., part of the Corix Group of Companies, is based in
Vancouver, British Columbia and specializes in providing infrastructure
solutions in the sustainable energy, water and wastewater sectors. Corix has
extensive technical expertise and business experience in the area of
sustainable energy utility operations for developers, municipal and utility
customers and is engaged in marketing its services to customers throughout
Canada and the United States. Corix has successfully introduced geothermal
heating and cooling as a utility offering to large scale developments and is
interested in expanding that offering throughout North America.
    Brett Hodson, President & CEO of Corix Utilities Inc. stated that, "Corix
is very pleased to have formed this relationship with WFI Industries. We feel
that the combination of our expertise and WFI equipment will allow us to offer
builders, developers, homeowners and municipalities the very best in today's
most efficient, environmentally friendly heating and cooling systems."
    WFI Industries Ltd. (WaterFurnace) is a North American market leader in
geothermal heating and cooling technology and application. WaterFurnace
geothermal heating and cooling units are capable of heating and cooling any
size building and are sold around the world. LoopMaster, a wholly owned
subsidiary, is one of North America's leading geothermal loop field
installers. WFI is interested in expanding the sales of geothermal equipment
and loops to whole developments and cities through this relationship with
Corix.
    Bruce Ritchey, President/CEO of WFI Industries, explained, "This business
relationship allows both companies to provide affordable renewable energy in
the form of geothermal heating and cooling for developers, institutions,
municipalities, industrial and commercial businesses. The largest hurdle to
adoption of geothermal heating and cooling has been the initial cost of the
loop field. This partnership eliminates that hurdle. Corix will install and
own the geothermal loop source for the development and offer the renewable
energy to the building owners for a monthly fee. The fee charged will be less
than money saved by the geothermal equipment. So, it provides a tremendous
savings to the building owner while slashing consumption of fossil fuels and
lessening our dependence on foreign energy sources."
    WFI Industries Ltd. is traded on the Toronto Stock Exchange under the
symbol WFI.

    Risks and Uncertainties: This press release contains certain forward-
    looking statements that may or may not be realized. Investors should not
    rely solely on this information to make investment decisions. The
    Company's sales are related to the cost and stability of electricity,
    fuel oil, propane and natural gas. Federal, state and provincial building
    codes and energy incentives can also impact sales. The Company is also
    subject to standard risks associated with most companies, including
    normal competitive pressures.




For further information:

For further information: Stacey Bernier, Corix Utilities, Inc., Phone:
(604) 575-3411, www.corix.com; Bruce Ritchey, WFI Industries Ltd., Phone:
(260) 479-3224, www.waterfurnace.com

Organization Profile

WaterFurnace Renewable Energy, Inc.

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CORIX UTILITIES, INC.

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