Newalta Announces $135 Million Capital Spending Program for 2008

    TSX Trading Symbol: NAL.UN

    CALGARY, Jan. 7 /CNW/ - Newalta Income Fund ("Newalta") today announced
its planned capital budget of $135 million for 2008. Maintenance capital
expenditures are budgeted to be approximately $25 million. Growth capital
expenditures in 2008 of approximately $110 million are planned for numerous
internal growth projects across the country (currently budgeted at $90 million
for operational investments and $20 million in corporate investments) that
will drive growth in 2009. These investments include developing Newalta's SAGD
business, expanding customized onsite solutions as well as adding satellite
facilities, landfills and centrifuges.
    "In 2008, we will continue to capitalize on opportunities to expand
services, add processes and to improve the productivity and efficiency of our
operations across Canada. In addition, we will continue to pursue acquisitions
to enter new markets and to add new processes to our service platform," said
Al Cadotte, Newalta's President and Chief Executive Officer.

    Newalta Income Fund is the largest Canadian industrial waste management
and environmental services provider and focuses on maximizing the value
inherent in industrial waste through the recovery of saleable products and
recycling. It also provides environmentally sound disposal of solid,
non-hazardous industrial waste. With talented people and a national network of
facilities, Newalta serves customers in the automotive, forestry,
manufacturing, mining, oil and gas, lead, petrochemical, pulp and paper, steel
and transportation service industries. Providing solid investor returns,
exceptional customer service, safe operations and environmental stewardship
has enabled Newalta to expand into new service sectors and geographic markets.
Newalta Income Fund's units trade on the TSX as NAL.UN. For more information,

    This news release contains forward-looking statements relating to
expected future expansion initiatives and the related return on investment.
These statements are based on current views, expectations and assumptions that
are subject to risks and uncertainties which are difficult to predict,
including risks and uncertainties relating to the uncertainty of expected
operating results, industry conditions, availability of financing
alternatives, and debt service and future capital needs. Actual expansion
initiatives might differ materially from those suggested in any
forward-looking statements whether as a result of new information, future
developments or otherwise.

For further information:

For further information: Anne M. MacMicken, Director, Investor
Relations, (403) 806-7019

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