General Donlee Income Fund announces extension of substantial issuer bid and take-up of units deposited to date

    TORONTO, July 7 /CNW/ - General Donlee Income Fund (the "Fund",
TSX-GDI.UN, TSX-GDI.DB) announced today that its substantial issuer bid
previously announced on May 27, 2008 (the "Offer") has been extended and will
now expire at 5:00 p.m. (Eastern time) on Wednesday, July 23, 2008. The Offer,
pursuant to which the Fund is offering to purchase up to 1,237,101 units (the
"Units") of the Fund for a cash price of $8.75 per Unit, was previously
scheduled to expire at 5:00 p.m. (Eastern time) on Monday, July 7, 2008. The
Fund provided notice of the extension of the Offer to Computershare Investor
Services Inc. (the "Depositary") on July 7, 2008.
    The Fund will be mailing a notice of extension to all unitholders of the
Fund (the "Unitholders") in connection with the extension of the Offer on or
about July 10, 2008. Except for the extension of the expiration date of the
Offer, the terms previously set forth in the original Offer and accompanying
circular dated May 28, 2008 continue to be applicable in all respects.
    As at 5:00 p.m. (Eastern time) today, based on reports provided by the
Depositary for the Offer, a total of 824,867 Units had been deposited pursuant
to the Offer. The Fund will be taking up all of the 824,867 Units deposited as
of 5:00 p.m. today as required by applicable securities laws and as set forth
in the Offer and accompanying circular dated May 28, 2008.
    Neither the Fund nor its Board of Trustees makes any recommendation to
Unitholders as to whether to tender or refrain from tendering their Units to
the Offer. Unitholders are strongly encouraged to review the Offer Documents
carefully and to consult with their financial and tax advisors prior to making
any decision with respect to the Offer.

    The Fund is a trust established to hold the securities of General Donlee
Limited, which is a leading diversified manufacturer of precision-machined
products for the military, commercial and general aerospace industries and
also is a specialist in the manufacture of precision-machined products for the
industrial products and power generation industries.

    Certain forward-looking statements contained in this news release are
based on information, currently available to management, but are subject to a
number of uncertainties and risks that could cause actual results to differ
materially from the results discussed in the forward-looking statements. These
uncertainties and risks include, but are not limited to: dependence on
commercial aircraft sales and defence procurement, power generation sales and
sales to the industrial sector, production rates, timing of deliveries,
dependence on key customers, dependence on third party suppliers and
manufacturers, competition, product liability and warranty claims,
environmental and other government regulation, quality certification
requirements, hedging effects, interest and foreign exchange rates, leverage
and restrictive debt covenants, continued availability of credit facilities,
insurance availability and coverage, regulatory requirements, reliance on key
personnel and our skilled workforce, changes in accounting policies, the
ability to obtain orders and domestic and international economic conditions.
    Further information can be found in the disclosure documents filed by the
Fund with the securities regulatory authorities, available at
or through the Fund's website at

    %SEDAR: 00017571E

For further information:

For further information: Gerald Thain, Chief Financial Officer, General
Donlee Income Fund, Telephone: (416) 743-4417, Fax: (416) 746-8998,

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