WaterFurnace Pre Announces Q3 Results

                   Sales up 40%, Earnings Per Share up 50%
         U.S. and Canada Sales Strong Despite Credit and Housing Woes

    FORT WAYNE, IN, Oct. 10 /CNW/ - Bruce Ritchey, President/CEO of
WaterFurnace Renewable Energy, Inc. (WFI on the Toronto Stock Exchange), made
an early announcement of third quarter results. "Due to the current
uncertainty in the markets and the extraordinarily strong results for the
third quarter, we have decided to pre-announce the results for the quarter.
These results are preliminary and unaudited, but we expect they will be very
close to the final numbers which will be released on November 11th."
    Sales for the quarter ended September 30, 2008 were $39.9 million,
breaking the Company's sales record of $31.3 million set in the second
quarter. Sales for the quarter were a 40% improvement over the same quarter
last year. Sales were particularly strong in the U.S. and Canada residential
and commercial equipment markets. Awareness of the environment and the savings
compared to heating with fossil fuels outweighed the effects of the tight
credit markets and depressed residential construction.
    Earnings per share are expected to be $0.42 for the quarter, a 50%
increase over third quarter of 2007. The per share earnings would be a new
record for the Company, surpassing the $0.28 earned in the second quarter of
this year. Earnings were driven by a favorable mix of residential equipment
sales and expenses in line with expectations.
    The Board will meet on November 11, 2008 to review the final results with
the audit firm and management. Approved results will be released after the
close on November 11th and the normal webcast will be held at 4:00 PM on
November 12th.

    More Information: Additional information is available on the Company's
web site: www.waterfurnace.com. WaterFurnace Renewable Energy, Inc. is traded
on the Toronto Stock Exchange under the symbol WFI.

    Risk and Uncertainties: This press release contains certain
forward-looking statements that may or may not be realized. Investors should
not rely solely on this information to make investment decisions. The
Company's sales are related to the cost and stability of electricity, fuel
oil, propane and natural gas. Federal, state and provincial building codes and
energy incentives can also impact sales. The Company is subject to standard
risks associated with most companies, such as normal competitive pressures.

For further information:

For further information: Bruce Ritchey, President/CEO, (260) 479-3224

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WaterFurnace Renewable Energy, Inc.

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