IAT Air Cargo Facilities Income Fund


    RICHMOND, BC, June 24 /CNW/ - IAT Air Cargo Facilities Income Fund (the
"Fund") (TSX: ACF.UN) announced that earlier today FrontFour Holdings Inc. and
FrontFour Capital Group LLC ("FrontFour") filed on www.sedar.com a formal
take-over bid circular setting out FrontFour's take-over bid (the "Offer") to
acquire, at a price of $7.40 per unit, that number of units of the Fund that
would give FrontFour, together with their affiliates, 50% plus 100 units of
the Fund.
    According to today's news release by FrontFour announcing the formal
commencement of the Offer, FrontFour and their respective affiliates currently
hold in aggregate 682,100 units of the Fund, representing approximately 9.79%
of the outstanding Fund units. The Offer is for an additional 2,801,184 units
of the Fund (approximately 40.21% of the outstanding units) and is open for
acceptance by unitholders until 5:00 p.m. (Vancouver time) on August 20, 2008.
If the Offer is successful, FrontFour and affiliates would hold approximately
50.0001% of the outstanding units.
    The Trustees intend to give full consideration to the Offer and to
consider alternatives to maximize value for Unitholders. The Trustees have
engaged BMO Capital Markets as financial advisers to assist them in this
process. On or before July 9, 2008, the Trustees will be sending out to
Unitholders a trustees' circular responding to the Offer. Unitholders are
advised to wait until they have reviewed the trustees' circular before making
any decisions with respect to the Offer.
    The Fund is a limited purpose trust that owns all of the shares of IAT,
which owns and leases air cargo and aviation related buildings at Canadian
airports in Vancouver, Calgary, Edmonton, Saskatoon and Winnipeg. The Fund and
IAT specialize in the ownership, construction, management and marketing of
aviation-related facilities. IAT currently owns and manages approximately 1.1
million square feet of air cargo and aviation related facilities at five of
Canada's leading international airports. Approximately 65% of the Fund and
IAT's holdings are located at Vancouver International Airport, Canada's second
largest airport.

including statements with respect to future growth opportunities, transactions
and investments, ongoing business strategies or prospects, possible future
Fund and IAT actions and other measures are based on information available at
the time they are made, assumptions made by the Fund, and the Fund's good
faith belief with respect to future events, and are subject to the risks and
uncertainties outlined in the Fund's annual information form that could cause
actual performance or results to differ materially from those reflected in the
forward-looking statements, historical results or current expectations. All
forward-looking statements may be affected by and are subject to the risks set
out under Risk Factors in the Fund's annual information form.

For further information:

For further information: Robert J. Mair, Chairman, IAT Air Cargo
Facilities Income Fund, Telephone (604) 685-3456

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