Exchange Industrial Income Fund announces closing of the acquisition of The Water Blast Group

    WINNIPEG, March 16 /CNW/ - Exchange Industrial Income Fund ("EIIF") (TSX
Venture: EIF.UN) announced today that it has completed the acquisition of The
Water Blast Group ("Water Blast") which was previously announced on December
21, 2006.
    The purchase price of approximately $20 million was funded with the
proceeds of the private placement of Fund units completed on February 15, 2007
and the issuance of 392,773 units of the Fund to the vendors of Water Blast at
an issue price of $12.73.
    Additional information relating to EIIF, including all public filings is
available on SEDAR (
    Visit us at

    The TSX Venture Exchange has not reviewed or approved the contents of
    this press release and does not accept responsibility for the adequacy or
    the accuracy of this press release.

For further information:

For further information: Mike Pyle, President and CEO, Exchange
Industrial Income Fund, 509 - 167 Lombard Avenue, Winnipeg, MB R3B 0V3, Phone
(204) 982-1850, Fax (204) 982-1855, Email:

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