Amtelecom Income Fund's Board of Trustees unanimously recommend unitholders accept the take-over offer from Bragg Communications

    AYLMER, ON, April 17 /CNW/ - Amtelecom Income Fund (AMT.UN) ("Amtelecom")
and Bragg Communications Incorporated ("Bragg Communications") announced today
that Bragg Communications' take-over bid and circular relating to its offer to
acquire all of the outstanding units of Amtelecom, and the trustees' circular
reflecting Amtelecom's Board of Trustees recommendation of Bragg
Communications' offer, have been mailed to Amtelecom unitholders. The offer
was made in accordance with the parties' previously announced support
agreement at an offer price of $14.25 per unit.
    The all cash consideration under the Bragg Communications offer
represents a 26.7% premium over the closing price of the units on February 15,
2007 (the day prior to the announcement by Bell Aliant Regional Communications
Income Fund ("Bell Aliant") that it intended to make an offer for Amtelecom).
The offer price is 9.6% above the Bell Aliant offer price of $13.00 per unit.
    The offer will expire at 8:00 p.m. (Toronto time) on May 23, 2007, and is
conditional upon a minimum of 66 2/3% of the outstanding units being
deposited, regulatory approvals and other customary conditions.
    Amtelecom's financial advisor, CIBC World Markets Inc., has provided an
opinion stating that the consideration offered to unitholders pursuant to
Bragg Communications' offer is fair, from a financial point of view, to
unitholders. Amtelecom's board of trustees has unanimously recommended that
unitholders accept the offer.
    Unitholders are urged to read the documents relating to the proposed
transaction in their entirety. The documents are available free of charge on
SEDAR at and on the Fund's website at Inquiries concerning the information in the
trustees' circular should be directed to Kingsdale Shareholder Services Inc.,
toll free at 1-866-833-6977.

    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 13,000

    About Bragg Communications

    Bragg Communications operates multiple systems in Nova Scotia, Prince
Edward Island and New Brunswick. The company provides a range of
communications, entertainment & advertising services to business and
residential customers under the EastLink brand.

    Forward-looking Statements

    Certain statements in this release may constitute "forward-looking
statements" which involve known and unknown risks, uncertainties and other
factors that may cause the actual combined results, performance or
achievements of the Fund to be materially different from any future results,
performance or achievements expressed or implied by such "forward-looking
statements." Such statements may reflect current beliefs, expectations,
estimates and assumptions regarding future events and operating performance
and speak only as of the date of this release, and can be generally identified
by the use of statements that include words such as "anticipate", "believe",
"intends", "intention", "expects", or similar words and phrases. Although the
Fund believes that the expectations reflected in such statements are
reasonable, such statements involve risks and uncertainties, and undue
reliance should not be placed on such information. Reference should be made to
the Fund's Annual Information Form for the year ended December 31, 2006 for a
discussion of risk factors including, among others, technological, competitive
and regulatory changes, which may cause actual results, events or activities
to differ materially from those expressed or implied in such forward-looking

For further information:

For further information: Michael J. Andrews, President and Chief
Executive Officer, Amtelecom Holdings Limited Partnership, Telephone: (519)
773-1237, Email:; David Bronicheski, Executive
Vice-President and Chief Financial Officer, Amtelecom Holdings Limited
Partnership, Telephone: (519) 773-1282, Email:;
Paula Sibley, Communications Specialist, Bragg Communications, Telephone:
(902) 446-1939, Fax: (902) 453-2118, Email:

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