Alliance Grain Traders Enters into Formal Agreements to Acquire Pulse Depot

    TORONTO, Aug. 14 /CNW/ - Alliance Grain Traders Income Fund (the "Fund")
(TSX-V:AGT.UN) is pleased to announce that its operating company
Alliance Pulse Processors Inc. ("Alliance") has completed the acquisition of
Pulse Depot Rosetown Inc. ("Pulse Depot"), a leading pulse and special crops
processor located in Rosetown, Saskatchewan. Alliance acquired direct and
indirect ownership of all of the issued and outstanding shares of Pulse Depot
for approximately $9,299,000 (after adjustments for current assets, inventory,
pre-paid expenses, accounts receivable, cash on hand, accounts payable and
long-term debt of Pulse Depot determined at closing), of which a part was paid
by the issuance of 55,000 units of the Fund at a deemed value of $13.00 per
unit and the assumption of certain debts of Pulse Depot. The transaction was
negotiated at arm's length.
    The existing management of Pulse Depot will continue to manage the
day-to-day operations of Pulse Depot on behalf of Alliance. Pulse Depot will
operate under the trade name "Saskcan Pulse Depot".

    About Pulse Depot

    Pulse Depot, a private Saskatchewan company, owns and operates a pulse
and special crops processing facility in Rosetown, Saskatchewan. Its business
is currently focused on lentils, canary seed, peas and chickpeas.
Pulse Depot's plant is one of the two pulse processing plants in Rosetown, the
other plant being already owned by the Fund through Alliance's Saskcan
Rosetown division.

    About the Fund

    The Fund is an income trust which derives its income from the operations
of its operating subsidiary, Alliance. Alliance is engaged in the business of
sourcing and processing (cleaning, splitting, sorting and bagging) specialty
crops, primarily for export markets. The Fund's companies in Canada, U.S. and
Australia handle the full range of pulses and specialty crops including
lentils, peas, chickpeas, beans and canary seed through six processing plants.

    Cautionary Statements

    Certain statements in this press release are forward-looking statements.
The reader is cautioned that assumptions used in the preparation of such
information, although considered reasonable by the Fund at the time of
preparation, may prove to be incorrect.
    Forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of the Fund (including its operating subsidiaries) to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such risks and
uncertainties include, among others, the actual results of harvests,
fluctuations in the price of lentils and other crops, failure of plant,
equipment or processes to operate as anticipated, accidents, or labour
disputes, risks relating to the integration of acquisitions or to
international operations, as well as those factors referred to in the section
entitled "Risk Factors" in the prospectus of the Fund dated December 30, 2004
which is available on SEDAR at, and which should be reviewed in
conjunction with this document. Although the Fund has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Murad Al-Katib, Chairman of the Board of
Trustees, Alliance Grain Traders Income Fund, President and CEO, Alliance
Pulse Processors, Tel: (306) 525-4490, Email:

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