Armtec Announces Acquisition of Assets of Ontario Corrugated Pipe Manufacturer

    Toronto Stock Exchange: ARF.UN

    GUELPH, ON, Aug. 21 /CNW/ - Armtec Infrastructure Income Fund (the
"Fund") (TSX: ARF.UN) today announced it has acquired certain specified assets
of Oxford Plastics Inc. ("Oxford") for approximately $5.7 million. Based in
Embro, Ontario, Oxford is a leading manufacturer and supplier of high density
polyethylene pipe (HDPE) drainage tile focused on Ontario's agricultural
market and building trades sector.
    Under the terms of the transaction, the Fund has purchased Oxford's
equipment used to manufacture and distribute corrugated tubing, as well as its
existing inventories in Embro and Chatham in southwestern Ontario. Oxford is a
highly regarded supplier of tubing for the Ontario agricultural market, which
is expected to be strong for the next several years due to increased demand
for food and crop prices that are at near historically high levels. It also is
a significant supplier of products to the building trades sector, an important
market segment which Armtec already serves with a growing range of products.
    "The acquisition of these assets further emphasizes our commitment to the
Ontario agricultural and building trades markets. Our network of manufacturing
and distribution locations, combined with our expertise in these markets and
broader range of products will help Armtec achieve its goal of providing our
customers with the best solutions and service currently available," said
Charles Phillips, President and Chief Executive Officer.

    About Armtec Infrastructure Income Fund

    The Fund is a leading manufacturer and marketer of a broad range of
infrastructure products and engineered bridging solutions for application in a
diverse cross-section of industries. These include the public infrastructure
market and private sector markets such as natural resources, commercial
building, residential construction and agricultural drainage. The Fund's
Armtec division is Canada's only national multi-material manufacturer
specializing in corrugated high density polyethylene pipe, and corrugated
steel pipe for drainage applications and highly engineered solutions including
bridging products and water management systems. The Con-Force division designs
and manufactures a wide range of bridging and construction products, including
the advanced "NU" bridge girder system that allows for some of the longest
spans available in precast concrete technology. The Durisol division designs
and manufactures highway noise barriers and related infrastructure products,
such as retaining walls and acoustic enclosures, and is recognized as the only
fully qualified supplier of absorptive material in Ontario.

    Forward-Looking Statements

    This news release contains certain statements that constitute
forward-looking information within the meaning of applicable securities laws
("forward-looking statements"). All statements other than statements of
historical fact contained herein are forward-looking statements, including,
without limitation, statements regarding the Oxford acquisition and statements
regarding the business strategy, plans and objectives of or involving the Fund
or the businesses in which it has invested. Prospective investors can identify
many of these statements by looking for words such as "believe", "expects",
"will", "intends", "plans", "projects", "anticipates", "estimates",
"continues" and similar words or the negative thereof. There can be no
assurance that the plans, intentions or expectations upon which these
forward-looking statements are based will occur. Although management believes
that the expectations represented in such forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be
    By their nature, forward-looking statements require assumptions and are
subject to inherent risks and uncertainties, including those discussed herein.
There is significant risk that forward-looking statements will not prove to be
accurate. You are cautioned not to place undue reliance on forward-looking
statements made herein because a number of factors could cause actual future
results, conditions, actions or events to differ materially from the targets,
expectations, estimates or intentions expressed in the forward-looking
    The future outcomes that relate to forward-looking statements may be
influenced by many factors, including but not limited to: industry
cyclicality; competition; reduction in demand for products; collection from
customers; relationships with suppliers; lack of long-term agreements;
expiration of rights under licence and distribution arrangements; raw material
price volatility; product liability; intellectual property; reliance on key
personnel; environmental; collective bargaining; interest rates; uninsured and
underinsured losses; operating hazards; risks of future legal proceedings;
dependence on other Fund subsidiaries; income tax matters; leverage and
restrictive covenants; credit facilities; nature of units; distribution of
securities on redemption or termination of Fund; restrictions on potential
growth; effect of market interest rates on price of Units; undiversified and
illiquid holdings in Armtec Operating Trust; potential dilution; and various
risks relating to the Oxford acquisition, including risks relating to
completion of the acquisition (such as satisfaction by both Armtec and the
vendor of the conditions to closing) and integration and realization of
expected synergies, Oxford's reliance on key personnel, potential undisclosed
liabilities associated with the Oxford acquisition, and the Fund's limited
recourse against the vendor of Oxford. You are cautioned that the foregoing
list of factors is not exhaustive and that when relying on forward-looking
statements to make decisions with respect to the Fund, investors and others
should carefully consider these factors, as well as other uncertainties and
potential events, and the inherent uncertainty of forward-looking statements.
    The forward-looking statements contained herein are expressly qualified
in their entirety by this cautionary statement. The Fund undertakes no
obligation to publicly update or revise any forward-looking statements except
as expressly required by applicable securities law.
    Risks related to the Fund have been summarized in the Fund's latest
Annual Information Form, Management's Discussion and Analysis included in the
Annual Report and quarterly financial reports available on or
the Fund's web site at

For further information:

For further information: Charles M. Phillips, President & Chief
Executive Officer, Armtec Limited Partnership, Tel: (519) 822-0210, Fax: (519)
822-8894; James R. Newell, Chief Financial Officer, Armtec Limited
Partnership, Tel: (519) 822-0210, Fax: (519) 822-8894; Carrie Boutcher, Vice
President, Finance, Armtec Limited Partnership, Tel: (519) 822-0210, Fax:
(519) 822-8894

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