First National AlarmCap Income Fund presents its results for the first quarter of 2009

    EDMONTON, May 15 /CNW/ - The Management and Trustees of First National
AlarmCap Income Fund are pleased to report results for its first quarter (Q1)
of 2009.
    Total revenues of the Fund for the first quarter of 2009 were $7,384,000
compared to $7,581,000 for the first quarter of the prior year, a decrease of
2.6%. This is primarily due to a 2.2% decrease in the number of subscribers in
Q1 2009 versus Q1 2008 as well as lower installation revenues. EBITDA for the
Fund in the first quarter was $3,435,000 compared to $3,845,000 in the first
quarter of the previous year. This drop in EBITDA was mostly attributable to
lower revenues combined with higher general and administration costs incurred
to address corporate and governance matters.
    Cash on hand at the end of the first quarter was $8,122,000 as compared
to $7,373,000 at December 31, 2008. This improvement in cash is largely the
result of cash generated from our portfolio of monitored accounts and the
reduced level of distributions to unitholders since June 2007.
    Over the coming months, the Fund will continue to implement its business
plan of improving customer service while implementing strategies to increase
the subscriber base and control operating costs. Although the first quarter
shows a slight decline in business compared to the previous year, we remain
confident that demand for both residential and commercial security services
will remain relatively stable during these adverse economic times.

    The Fund is an unincorporated, open-ended, limited purpose trust and its
Class A trust units are listed on the Toronto Stock Exchange under the ticker
symbol "FNA.UN". The Fund was established to acquire substantially all of the
assets and shares of Microtec Enterprises Inc, (Microtec) and substantially
all of the assets of Securex Master Partnership Agreement. The Microtec
division, based in Quebec, is one of the largest full-service security alarm
monitoring operations in Canada and has approximately 80,500 subscribers. The
Securex division, based in Alberta, has approximately 14,900 subscribers which
are managed by a contractor on behalf of the Fund. In total, the Fund has
approximately 95,400 subscribers.
    A copy of the consolidated financial statements for the quarter ended
March 31, 2009, related MD&A, and additional information concerning the Fund
is available on SEDAR at

    Cautionary statement regarding forward-looking information and 
    Certain statements contained in this news release, which relate to
matters that are not historical facts, constitute "forward-looking
information" within the meaning of applicable Canadian securities legislation.
Forward-looking information and statements in this news release include but
are not limited to: confidence that its alarm monitoring business will remain
in demand and that the Fund has the capacity and ability to execute its
business plan. These statements are based on certain assumptions and analysis
made by the Fund in light of its experience and its perception of historical
trends, current conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances. However, whether
actual results, performance or achievements will conform to the Fund's
expectations and predictions is subject to a number of known and unknown risks
and uncertainties which could cause actual results to differ materially from
the Fund's expectations. Such risks and uncertainties include, but are not
limited to: fluctuations in the demand for monitoring and installation of
security systems, general economic, market or business conditions; changes in
laws or regulations, including taxation and environmental; the lack of
availability of qualified personnel or management; and other unforeseen
conditions which could impact the use of services supplied by the Fund. See
also the Fund's Annual Information Form dated March 26, 2009, available on the
Fund's website ( and on SEDAR at for a
comprehensive set of risk factors related to the Fund. Consequently, all of
the forward-looking information and statements made in this report are
qualified by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by the Fund will be realized
or, even if substantially realized, that they will have the expected
consequences to or effects on the Fund or its business or operations. Except
as may be required by law, the Fund assumes no obligation to update publicly
any such forward-looking information and statements, whether as a result of
new information, future events or otherwise.

For further information:

For further information: Fred Fong, President & Chief Executive Officer,
1-888-864-7918 or email

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