3216444 Nova Scotia Company receives Investment Canada Act approval

    TORONTO, June 28 /CNW/ - 3216444 Nova Scotia Company (the "Investor")
announced that it has received notice from the Minister of Industry that the
Minister has approved the acquisition of the Canadian business of UE
Waterheater Income Fund (the "Fund") and of Voxcom Income Fund (the "Canadian
Business") under the Investment Canada Act. The Investor's all cash offer to
the unitholders of the Fund is therefore not subject to any further regulatory
    To demonstrate net benefit to Canada in order to obtain the approval
under the Investment Canada Act, the Investor has provided to the Minister
several important commitments in respect of the Fund's operations and
employees which are summarized below.

    Commitment to Capital Expenditures

    The Investor will ensure an increase in the Canadian Business' annual
capital expenditures over the next three years consistent with the Investor's
intention to grow the Canadian Business and expand the market for waterheaters
and its other products.

    Commitment to Employment

    The Investor has made commitments with respect to maintaining minimum
levels of employment as well as ensuring that substantially all employees are
Canadian. Current senior management of the Fund will continue in their present
positions, ensuring that Canadians continue to play a substantial role in
management of the Canadian Business.

    Head Office of the Canadian Business

    The Investor has committed to maintain the head office of the Canadian
Business in Toronto. The head office will continue to be responsible for
day-to-day operations, developing and implementing business plans and other
head office functions.

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