Newalta Announces New Chief Financial Officer

    TSX Trading Symbol: NAL.UN

    CALGARY, July 3 /CNW/ - Newalta Income Fund ("Newalta") today announced
the appointment of Michael A. Borys, CA as Senior Vice President, Finance and
Chief Financial Officer (CFO), reporting to the President and Chief Executive
Officer, effective July 14, 2008.
    "We are very pleased to welcome Mike to our executive team. His extensive
financial experience includes strategy development, financings, mergers and
acquisitions, and risk management. We look forward to his contribution to
furthering Newalta's corporate goals and objectives, including the successful
execution of our growth strategy," said Al Cadotte, Newalta's President and
Chief Executive Officer. "Consistent with our long-term succession plan for
the CFO role, Ron Sifton will continue as Executive Vice President, working
closely with Mike to ensure the orderly transition of CFO responsibilities,
principally those of finance, information technology, and investor relations."
    Mr. Borys has 25 years of progressively responsible financial management
experience. Prior to joining Newalta, Mr. Borys served as Executive Vice
President and Chief Financial Officer of The Brick Group Income Fund. Prior to
that, Mr. Borys served as Executive Vice President and Chief Financial Officer
of Famous Players. He was also previously Chief Financial Officer of Priszm
Canadian Income Fund. Mr. Borys earned a Bachelor of Commerce Degree (with
distinction) from Concordia University in 1983 and is a Chartered Accountant.

    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,

For further information:

For further information: Alan P. Cadotte, President & CEO, (403)
806-7025; Anne MacMicken, Executive Director, Investor Relations, (403)

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