Highground Shareholders Approve Business Combination

    OAKVILLE, ON, July 29 /CNW/ - Highground Capital Corp. (TSXV - HCC)(the
"Corporation") is pleased to announce that its shareholders have approved the
previously disclosed (see press release dated May 13, 2008) business
combination at a special meeting of shareholders held yesterday, 
July 28, 2008, with over 99% of the shares voted at the meeting being cast in
favour of the transaction.
    Pursuant to the transaction the Corporation will amalgamate with a
wholly-owned subsidiary of CJIG Management Inc. (the Corporation's manager)
and APT Algonquin Acquisition Inc. Pursuant to the amalgamation shareholders
of the Corporation will receive one redeemable preferred share in the capital
of the amalgamated corporation for each common share of Highground. Forthwith
thereafter each redeemable preferred share will be redeemed for 0.9749 trust
units in the capital of Algonquin Power Income Fund.
    It is anticipated that the transaction will close on or about 
August 1, 2008.

    About Highground Capital Corp.

    Highground Capital Corp. actively pursues strategic growth opportunities
that meet critical long term community needs in the infrastructure and
renewable power sectors. Highground Capital Corp.'s activities are typically
supported by assets which generate strong recurring revenue streams. The
common shares of Highground Capital Corp. trade on the TSX Venture Exchange
under the trading symbol HCC.

    This press release contains forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements.
Actual results may differ materially from those indicated by these
forward-looking statements as a result of risks and uncertainties impacting
the Company's business, including the ability of the Company to find suitable
investments, to attract and retain qualified professionals, general economic
conditions and other risks detailed from time to time in the Company's

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Jeff Norman, President, (905) 465-4547; or Greg
Owttrim, Executive Vice President, (905) 465-4535

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