WesternOne Equity Income Fund Announces $2.48 Million Conversion of Series A Convertible Debentures in March 2011

VANCOUVER, April 4 /CNW/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN, WEQ.DB and WEQ.DB.B) today announced the conversion of $2.48 million principal amount of the 5 year, 9% senior secured convertible debentures - Series A ("Series A Debentures"), plus accrued interests thereon, to 600,372 WesternOne Equity Income Fund units ("Units") at the request of debenture holders for the month of March 2011.

As of March 31, 2011, $5.32 million principal amount of Series A Debentures, plus accrued interests thereon, have been converted to 1,286,994 Units since the public offering of Series A Debentures on August 15, 2006. These additional Units resulted in a market capitalization of $7.10 million based on a Unit price of $5.52 at the close of the market on March 31, 2011.

As of March 31, 2011, $4.68 million principal amount of Series A Debentures and 15,024,018 Units were outstanding.

"The strong demand for Series A Debenture conversions to Units demonstrates our investors' confidence in our business, through participating in the equity ownership of WesternOne Equity," stated Mr. Darren Latoski, CEO of WesternOne Equity. "The debenture conversions also facilitate a deleveraging of our existing capital structure, effectively reducing $5.32 million of debt and strengthening our market capitalization at the same time. We thank our investors for their ongoing support in making WesternOne Equity a quality yield-based investment vehicle."

Forward-Looking Information

Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance, achievements or industry results, to be materially different from any future results, performance, achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions.

Forward-looking information included in this press release includes, but is not limited to, statements with respect to WesternOne Equity's business and management's assessment of future plans and operations. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves 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 information, and a description of these factors can be found under "Risks and Uncertainties" in WesternOne Equity's Annual Information Form dated March 31, 2011, which is available on SEDAR (www.sedar.com).

Although the forward-looking information contained in this press release is based upon what the WesternOne Equity's management believes to be reasonable assumptions, WesternOne Equity cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne Equity. Such information reflects current assumptions regarding future events and operating performance including, without limitation, stability in the economy in Western Canada, interest rates and the equipment rental and sales and fuel wholesale markets in which WesternOne Equity operates, and speaks only as of the date of this press release. The forward-looking information is made as of the date of this press release and WesternOne Equity assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

About WesternOne Equity

WesternOne Equity seeks to acquire businesses in the sector of construction and infrastructure services, 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.


SOURCE WesternOne Equity Income Fund

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
Website: www.weq.ca

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WesternOne Equity Income Fund

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