Exchange Industrial Income Fund announces closing of offering


    WINNIPEG, April 7 /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 10% Series F Subordinate Secured
Convertible Redeemable Debentures (the "Debentures") and units ("Units"), each
Unit being comprised of one Class A trust unit (a "Class A Unit") and one
Class A Unit purchase warrant (a "Warrant"). Each Warrant entitles the holder
thereof to purchase one Class A Unit for a period of two years at a price of
$10.00 per Class A Unit. At the closing of the Offering the Fund issued
$4,102,000 principal amount of Debentures and 2,398,554 Units ($22,786,263)
for total gross proceeds of $26,888,263. 198,765 ($1,888,268) of the Units
were issued pursuant to an over-allotment option granted to the agents for the
Offering by the Fund.
    The Offering was completed on a commercially reasonable best efforts
basis by Wellington West Capital Inc., Raymond James Ltd., Canaccord Capital
Corporation, CIBC World Markets Inc., National Bank Financial Inc. and RBC
Dominion Securities Inc. as agents with Wellington West Capital Inc. acting as
lead agent.
    The Fund intends to use the net proceeds of the Offering to fund the
acquisition of Calm Air International Ltd., as previously announced by the
Fund. The Fund anticipates completing the acquisition of Calm Air
International Ltd. on April 8, 2009.

    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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