Armtec Completes Acquisition of Assets of Brooklin Concrete Division of Clearford Industries and Shares of Boucher Pre-cast Concrete Ltd.

    Toronto Stock Exchange: ARF.UN

    GUELPH, ON, July 31 /CNW/ - Armtec Infrastructure Income Fund (the
"Fund") (TSX: ARF.UN) today announced that the Fund has completed its
acquisition of the assets of the Brooklin Concrete division ("Brooklin") of
Clearford Industries and the shares of Boucher Pre-cast Concrete Ltd.
("Boucher") for an aggregate acquisition price of $65 million. The
transactions are subject to working capital adjustments.
    Scotia Capital Inc. acted as exclusive financial advisor to the Fund on
the acquisition.

    About Armtec
    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 in Canada. 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 for absorptive material in Ontario. For further
information, please visit Armtec's website at Armtec
Infrastructure Income Fund is listed on the Toronto Stock Exchange, under the
trading symbol ARF.UN

    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 future financial position, cash
distributions, business strategy, proposed acquisitions (including the
Brooklin and Boucher acquisitions and their impact on the Fund's financial
performance), budgets, litigation, projected costs and 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", "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 Armtec entities; 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 Brooklin and Boucher acquisitions and other proposed
acquisitions, including risks relating to integration and realization of
expected synergies, Brooklin and Boucher's reliance on key personnel,
potential undisclosed liabilities associated with the Brooklin and Boucher
acquisitions and other proposed acquisitions, and Armtec's limited recourse
against the vendors of Brooklin and Boucher. 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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