Amtelecom reaches agreement with Bell Aliant on Unitholder Rights Plan

    AYLMER, ON, April 2 /CNW/ - Amtelecom Income Fund ("Amtelecom")
(TSX: AMT.UN) announced today that it has reached an agreement with Bell
Aliant Regional Communications Income Fund ("Bell Aliant") (TSX: BA.UN) in
respect of Amtelecom's Unitholder Rights Plan as it relates to Bell Aliant's
offer to purchase all of the outstanding Amtelecom units for $13.00 cash per
    Amtelecom and Bell Aliant have agreed that Bell Aliant will extend the
expiry time of its offer until 5:00 pm EDT, April 13, 2007, and Amtelecom will
waive the application of its Unitholder Rights Plan to Bell Aliant's offer as
of that date. As a result, Bell Aliant will withdraw its application currently
before the Ontario Securities Commission, filed March 26, 2007 concerning
Amtelecom's Rights Plan, and Amtelecom will withdraw its response to Bell
Aliant's application.

    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

    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

    %SEDAR: 00018932E

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:

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