Newalta Completes Acquisition of Canada's Largest Lead Recycling Operation - Further Diversifies Cash Flows

    TSX Trading Symbol: NAL.UN

    CALGARY, Oct. 17 /CNW/ - Newalta Income Fund ("Newalta") said today it
has acquired the operating assets of Nova Pb Inc. ("Nova Pb") based in Ville
Ste-Catherine, Quebec. Excluding transaction costs, Newalta paid $55 million,
consisting of $45 million in cash with the balance paid by the issuance of
510,690 Newalta trust units. The effective date of the transaction is November
1, 2007.
    "This acquisition further strengthens our business by diversifying our
cash flows, expanding our service offering and enhancing our market presence
in eastern Canada. We are pleased to add Nova Pb's experienced management
group and talented people to our team," said Al Cadotte, President and Chief
Executive Officer of Newalta.
    "The addition of Nova Pb's lead recycling operations complements our
current recovery and recycling services for industrial customers across
Canada, which includes recovering products such as crude oil, lubricating
oils, water, fuels, hydraulic fluids, solvents and antifreeze. Newalta is now
the largest national industrial waste management and environmental services
provider with over 85 locations and 2000 people.
    "While the transaction is highly attractive on a stand-alone basis, there
are numerous opportunities to drive improved performance by utilizing the
facility's excess capacity to process additional used batteries collected
through our national network. The recycled lead will continue to be marketed
under the 'Nova Pb' brand," said Cadotte.

    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, 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 may contain forward-looking statements relating to
future operating results of the acquired business, the benefits to Newalta of
the acquisition, and the success of integrating such business into Newalta's
national facility network. These statements are based on current views and
expectations of management that are subject to risks, uncertainties and
assumptions that are difficult to predict, including risks, uncertainties and
assumptions relating to general market conditions of the industries in which
the acquired business relies on for raw materials and into which finished
products are sold, future operating results, the ability to integrate the
acquisition into Newalta's facility network and future capital needs. Actual
results might differ materially from results suggested in any forward-looking
statements whether as a result of new information, future developments or

For further information:

For further information: Anne M. MacMicken, Director, Investor
Relations, (403) 806-7019; Ronald L. Sifton, Executive Vice President and
Chief Financial Officer, (403) 806-7020

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