CCS Income Trust investors approve going private transaction

    CALGARY, Sept. 5 /CNW/ - CCS Income Trust (TSX: CCR.UN) ("CCS" or the
"Trust") today reported that CCS unitholders and exchangeable shareholders
approved the proposed going private transaction involving an investor group
led by Mr. David Werklund, the Founder, President and Chief Executive Officer
of CCS and which includes CAI Capital Partners, Goldman Sachs Capital
Partners, Kelso & Company, Vestar Capital Partners, British Columbia
Investment Management Corporation, Alberta Investment Management and O.S.S.
Capital Management L.P.
    At a special meeting held earlier today in Calgary, the proposed
transaction was approved by (i) 92.8% of the votes cast by the holders of
trust units and exchangeable shares (voting together), (ii) 97.5% of the votes
cast by the holders of exchangeable shares of CCS Inc. (voting separately),
and (iii) a majority of the minority securityholders of CCS, being 88.6% of
the votes cast by holders of trust units and exchangeable shares (voting
together), other than Mr. Werklund, Mr. Vivian and any other "related
parties", "interested parties" and "joint actors". 88.1% of outstanding units
and 99.1% of outstanding exchangeable shares were voted at the meeting, in
person or by proxy.
    The proposed transaction required approval by two-thirds of the votes of
the holders of trust units and exchangeable shares (voting through special
voting rights), and two-thirds of the votes of the holders of exchangeable
shares of CCS Inc. The proposed transaction also required approval by a simple
majority of votes cast by holders of trust units and exchangeable shares
(voting together with the trust units), other than Mr. Werklund, Mr. Vivian
and any other "related parties", "interested parties" and "joint actors".
    Securityholders who are registered holders of certificates are urged to
deposit their letters of transmittal as soon as possible to ensure prompt
payment following closing. Other securityholders who own through a broker,
bank or intermediary are requested to ensure they instruct their intermediary
to deposit letters of transmittal together with the relevant securities held
in their account.
    In order to receive payment for registered certificates for trust units
and exchangeable shares held by securityholders, a letter of transmittal and
the relevant security certificate must be delivered by such securityholder (or
brokerage or nominee on behalf of such securityholder) to Computershare Trust
Company of Canada.
    For more information regarding letters of transmittal and deposit of
securities, CCS securityholders should contact Kingsdale Shareholder Services
Inc., the Canadian and non-US proxy solicitation agent, at 1-800-749-9890
(Banks and brokers should call Kingsdale collect at 416-867-2272) or Innisfree
M&A Incorporated, the US proxy solicitation agent, at 1-888-750-5834 (Banks
and brokers should call Innisfree collect at 212-750-5833).
    Subject to satisfaction of closing conditions, it is anticipated that the
proposed transaction, pending receipt of certain regulatory approvals in
Canada and the completion of the debt marketing to replace a portion of the
committed debt financing arranged in respect of the proposed transactions,
will close in the fourth quarter of 2007. Subject to the terms of the
definitive acquisition agreement, we presently anticipate that the proposed
transaction would close not later than November 15, 2007, subject to the
rights of the parties to the acquisition agreement to extend the closing date
in certain circumstances. Until the time of closing, unitholders are expected
to continue to receive distributions, including their pro-rata share of the
distributions up to the closing date.

    About CCS Income Trust

    CCS Income Trust is a recognized industry leader providing integrated and
environmentally responsible services to upstream and downstream oil and gas
companies in Canada and the U.S. Headquartered in Calgary, Alberta, CCS has
almost 3,000 employees and provides a diverse number of services across four
divisions. CCS Midstream Services provides oilfield waste treatment, recovery
and disposal through a network of facilities across western Canada and in the
United States. CCS Energy Marketing provides crude oil and condensate
marketing services. HAZCO Environmental Services offers integrated
remediation, waste management and decommissioning solutions including the
operation of engineered landfills throughout Canada. Concord Well Servicing
manages well completions, workovers and abandonments with a fleet of 140 rigs.
Additional integrated services include NORM management, regulatory compliance
expertise, inactive well management, well and pipeline abandonments, oilfield
equipment rental, metals recycling and geotechnical and environmental

    Forward-looking statements

    This news release contains "forward-looking statements" within the
meaning of applicable securities laws relating to the proposal to take the
Trust private, including statements regarding receipt of regulatory approvals,
completion of the debt marketing efforts and completion of the proposed
transaction. There still remain certain conditions to completion of the
proposed transaction which may affect both the ability of the parties to close
and the timing of closing. Readers are cautioned not to place undue reliance
on forward-looking statements. Actual results and developments may differ
materially from those contemplated by these statements depending on, among
other things, the risks that the parties will not proceed with a transaction,
that the ultimate terms of the transaction will differ from those that
currently are contemplated, and that the transaction will not be successfully
completed for any reason (including the failure to obtain the required
approvals or clearances from regulatory authorities). The statements in this
news release are made as of the date of this release. We undertake no
obligation to comment on analyses, expectations or statements made by third
parties in respect of the Trust, its financial or operating results or its
    %SEDAR: 00017961E

For further information:

For further information: Investors: David Werklund, President and Chief
Executive Officer, CCS Income Trust, Phone: (403) 233-7565; Media: David Ryan,
Longview Communications, Phone: (604) 562-5895; Marshall McRae, Chief
Financial Officer, CCS Income Trust, Phone: (403) 231-1103

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