Exchange Industrial Income Fund announces closing of offering


    WINNIPEG, Aug. 13 /CNW/ - Exchange Industrial Income Fund (TSX:EIF.UN)
(the "Fund") announced today that it has closed its previously announced
public offering (the "Offering") of 5 Year 9% Series E Subordinate Secured
Debentures (the "Debentures"), pursuant to which the Fund has issued 7,500
Debentures for the aggregate principal amount of $7,500,000.
    The Offering was completed on a commercially reasonable best efforts
basis by Wellington West Capital Inc. as agent.
    The Fund intends to use a portion of the net proceeds of the Offering to
fund the acquisition of airplane hangars in Winnipeg and Island Lake, Manitoba
as well as certain assets of a discontinued airline and certain other aviation
related assets. These assets will be acquired by the Fund's wholly-owned
subsidiaries, Perimeter Aviation Ltd. and Keewatin Air Limited. The remainder
of the net proceeds of the Offering will be used to fund future asset
purchases by the Fund and for general corporate purposes.

    The statements contained in this news release that are forward-looking
are based on current expectations and are subject to a number of uncertainties
and risks, and actual results may differ materially. These uncertainties and
risks include, but are not limited to, the dependence of Exchange Industrial
Income Fund on the operations and assets currently owned by it, the degree to
which its subsidiaries are leveraged, the fact that cash distributions are not
guaranteed and will fluctuate with the Fund's financial performance, dilution,
restrictions on potential future growth, the risk of unitholder liability,
competitive pressures (including price competition), changes in market
activity, the cyclicality of the industries, seasonality of the businesses,
poor weather conditions, and foreign currency fluctuations, legal proceedings,
commodity prices and raw material exposure, dependence on key personnel, and
environmental, health and safety and other regulatory requirements. Further
information about these and other risks and uncertainties can be found in the
disclosure documents filed by Exchange Industrial Income Fund with the
securities regulatory authorities, available at

    The Toronto Stock Exchange has neither approved nor disapproved the
    contents of this press release.

For further information:

For further information: Mike Pyle, CEO, Exchange Industrial Income
Fund, 1067 Sherwin Road, Winnipeg, MB, R3H 0T8, Phone: (204) 982-1850, Fax:
(204) 982-1855, E-mail:

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