Vicwest Income Fund Re-Files 2005 Annual and 2006 Quarterly Financial Statements and Management Discussion and Analysis - No Impact on Reported Results

    OAKVILLE, ON, March 12 /CNW/ - Vicwest Income Fund ("Vicwest" or the
"Fund") (TSX: VIC.UN) today announced that it has re-filed revised Management
Discussion and Analysis ("MD&A") and Financial Statements for the periods
ended December 31, 2005, March 31, 2006, June 30, 2006 and September 30, 2006.


    -   The re-filed financial statements reflect the continuity of interest
        method of accounting which recognizes the Fund as the successor
        entity to Vicwest Corporation.

    -   The re-filed disclosures reflect changes as to form, and do not
        affect the Fund's financial results or condition.

    -   Financial statements for the stated periods have been re-filed to
        include certain comparative information previously disclosed in the
        Fund's MD&A, specifically comparative figures for the periods prior
        to Vicwest's conversion to an income fund.

    -   MD&A has been re-filed for the stated periods to include management's
        conclusion that the Fund's disclosure controls and procedures were

    About the Fund

    The Fund's Vicwest business unit, headquartered in Oakville, Ontario is
Canada's leading manufacturer of metal roofing, siding and other metal
building products. The Fund's storage products business unit operating under
the name of Westeel is headquartered in Winnipeg, Manitoba and is Canada's
foremost manufacturer of steel containment products for the storage of grain,
fertilizer and petroleum products. The Fund has 15 manufacturing facilities
strategically located throughout Canada with approximately 1,000 dedicated
employees committed to providing quality products and excellent service to
customers in domestic and international markets.

    This press release includes certain "forward-looking statements" within
    the meaning of Canadian securities regulations. Such forward-looking
    statements involve known and unknown risks, uncertainties, and other
    factors which may cause the actual results, performance or achievements
    of the Fund to be materially different from any future results,
    performance, or achievements expressed or implied by such forward-looking
    statements. Forward-looking statements include without limitation,
    statements regarding future results, future plans and objectives of
    Vicwest. Forward-looking statements generally can be identified by the
    use of forward-looking terminology such as "may," "will," "expect,"
    "intend," "estimate," "anticipate," "believe," or "continue" or the
    negative thereof or variations thereon or similar terminology. There can
    be no assurance that such statements will prove to be accurate and actual
    results and future events could differ materially from those anticipated
    in such statements. Important factors that could cause actual results to
    differ materially from Vicwest's expectations are disclosed in Vicwest's
    Management's Discussion and Analysis of Financial Condition and Results
    of Operations for the periods ended December 31, 2006.

For further information:

For further information: Mr. Bryan H. Held, Executive Chairman and
Interim CEO, (905) 825-2252 ext 4252; Mr. Jack Wilson, Vice President,
Finance, (905) 469-5702

Organization Profile

Vicwest Inc.

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