Amtelecom Advises Unitholders Not to take Action with Respect to Bell Aliant's Unsolicited Offer

    AYLMER, ON, March 5 /CNW/ - The Board of Trustees of Amtelecom Income
Fund (TSX: AMT.UN) ("Amtelecom" or the "Fund") has been advised that Bell
Aliant Regional Communications, Limited Partnership has mailed a take over bid
circular for its unsolicited offer to purchase all of the outstanding units of
Amtelecom. The current expiry date of the offer is April 5, 2007.
    Amtelecom's Special Committee of independent Trustees, together with its
financial and legal advisors, is evaluating Bell Aliant's offer and is also
considering other alternatives.
    Once a thorough review of Bell Aliant's offer and other alternatives has
been completed, the Board of Trustees will communicate Amtelecom's views to
Unitholders by issuing a circular to the Fund's Unitholders within the
statutory time period. In the interim, Amtelecom advises Unitholders not to
take any action with respect to the unsolicited offer.

    About Amtelecom Income Fund

    Amtelecom Income Fund is an unincorporated, open-ended, limited purpose
trust established under the laws of the Province of Ontario to invest in
telecommunications and closely related businesses. The Fund, through its
wholly owned operating partnerships and subsidiaries, is the local telephone
service provider to several regions in southwestern and central Ontario
currently providing services through approximately 26,900 residential and
business access lines. The Fund also provides cable television service to
approximately 8,800 subscribers and Internet services to approximately 13,600

    Certain statements in this press release are forward-looking and are
subject to important risks and uncertainties. The results or events expressed
or implied in these statements may differ materially from actual results or

    %SEDAR: 00018932E

For further information:

For further information: Michael J. Andrews, President and Chief
Executive Officer, Amtelecom Communications Inc., Telephone: (519) 773-1237,
Email:; David Bronicheski, Executive Vice-President and
Chief Financial Officer, Amtelecom Communications Inc., Telephone: (519)
773-1282, Email:

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