Canadian Equipment Rental Fund Limited Partnership Results for the Third
Quarter 2010

TSX Venture Symbol: CFL.UN

CALGARY, Nov. 26 /CNW/ - Mr. Wayne Wadley, president of CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership ("CERF" or the "Partnership"), is pleased to announce the results for the three and nine months ended September 30, 2010.

Full details of the Partnership's results, in the form of the unaudited financial statements for the three and nine months ended September 30, 2010 and Management's Discussion and Analysis of the results dated November 25, 2010 are available on SEDAR at www.sedar.com and on the Partnership's website www.cerflp.com.

Highlights of the nine months ended September 30, 2010 were:

• Revenue for the three months ended September 30, 2010 was $3,275,339 up 28% over the three months ended September 30, 2009.
  
  
• Revenue for the nine months was $10,013,343 up 2.5% over the nine months ended September 30, 2009.
  
  
• Net loss per unit of $0.05 basic.
  
  
• EBITDA for the nine month period was $3,139,869
  
  
• EBITDA per unit of $0.53 basic.
  
  
• Distributions of $0.18 per unit were declared for the nine months.

FORWARD LOOKING STATEMENTS

This press release contains forward looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances, cash flows or the ability to pay distributions to be materially different from the results, performances, cash flow or the ability to pay distributions expressed or implied by such forward looking statements.

Mr. Wadley makes the following statements:

"The third quarter of 2010 has seen a 28% increase in revenues compared to the third quarter of 2009. Revenues for the nine months ended September 30, 2010 have increased 2.5% over the nine months ended September 2009. This has been driven by increasing demand for our products and services relating to the improving economy in the sectors we service.

The first half of 2010 was hampered by a warm and wet spring which reduced the demand for winter equipment and put many construction projects on hold as it was too wet to continue. Also some projects were put on hold due to the tightening of credit caused by the fear of a worsening economy related to the crisis in Europe. With those events behind us we have seen a significant increase in revenues for the third quarter which is continuing into the fourth quarter of 2010. We feel that this trend will continue into and throughout 2011."

CERF is an Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF trades on the TSX Venture Exchange under the symbol "CFL.UN" and currently has 6,116,450 units issued and outstanding.

CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

Consolidated Balance Sheets - unaudited
			September 30,				December 31,
			2010				2009
Assets
Current assets:
	Cash	$	28,788			$	42,502
	Accounts receivable		2,736,228				2,370,047
	Inventory		1,134,194				764,249
	Prepaid expense		313,266				215,506
			4,212,476				3,392,304
Property and equipment			15,613,170				17,995,205
Goodwill			203,477				203,477
Financial derivatives			—				19,697
		$	20,029,123			$	21,610,683
Liabilities and Partners' Equity
Current liabilities:
	Bank indebtedness	$	255,378			$	317,193
	Accounts payable and accrued liabilities		1,606,682				1,053,376
	Distributions payable		365,787				365,334
	Note payable		300,000				300,000
	Current portion of long-term debt		1,718,135				1,681,313
	Current portion of capital lease obligation		103,811				95,646
			4,349,793				3,812,862
Long-term debt			4,540,802				5,296,964
Obligation under capital lease			4,351,847				4,430,759
Financial derivatives			17,041				—
Future income taxes			302,554				301,340
			13,562,037				13,841,925
Partners' equity:
	Limited partnership units		9,082,330				9,068,408
	Unit purchase loans receivable		(374,535)				(438,659)
	Contributed surplus		478,048				470,613
	Deficit		(2,718,757)				(1,331,604)
			6,467,086				7,768,758
		$	20,029,123			$	21,610,683

CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

Consolidated Statements of Operations - unaudited
			Three Months				Three Months				Nine months				Nine months
			ended				ended				ended				ended
			September 30,				September 30,				September 30,				September 30,
			2010				2009				2010				2009
Revenue:		$	3,275,339			$	2,544,596			$	10,013,343			$	9,763,440
Expenses:
	General and administrative		399,836				301,872				1,144,771				925,681
	Interest on long term debt		197,985				63,276				593,773				226,507
	Operating		1,934,064				1,630,797				5,847,554				5,529,608
	Amortization of property and equipment		723,758				827,909				2,311,338				2,466,630
	Loss on disposal of property and equipment		160,486				12,696				370,564				39,680
	Loss (gain) on derivatives		16,144				10,418				36,738				(11,306)
			3,432,273				2,846,968				10,304,738				9,176,800
(Loss) income before taxes			(156,934)				(302,372)				(291,395)				586,640
Future income taxes (recovery)			1,264				153,974				1,214				118,837
Net (loss) income		$	(158,198)			$	(456,346)			$	(292,609)			$	467,803
(Deficit) retained earnings, beginning of period			(2,195,716)				235,675				(1,331,604)				700,466
Partner distributions declared			(364,843)				(699,978)				(1,094,544)				(2,088,918)
(Deficit), end of period		$	(2,718,757)			$	(920,649)			$	(2,718,757)			$	(920,649)
Net (loss) income per unit:
	Basic	$	(0.03)			$	(0.08)			$	(0.05)			$	0.08
	Diluted	$	(0.03)			$	(0.08)			$	(0.05)			$	0.08

Full financial statements and notes thereto as well as management discussion and analysis are available on the SEDAR website at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00022335E

For further information:

Wayne Wadley, President & CEO at [phone] or by email at [email protected] or Ken Stephens CFO at [phone] or by email at [email protected].