WesternOne Equity Income Fund Announces Release of Q2 2007 Results and Schedules Conference Call



    /NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE US/

    VANCOUVER, Aug. 21 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSXV: WEQ.UN and WEQ.DB) today announced the release of its
financial results for the six months ended June 30, 2007.
    The results, consisting of WesternOne Equity's unaudited interim
consolidated financial statements for the six months ended June 30, 2007, and
Management's Discussion and Analysis dated August 17, 2007, are available on
SEDAR (www.sedar.com).

    Financial Highlights
    --------------------
    The following discussion is based on selected unaudited financial and
operating results of WesternOne Equity for the three months and six months
ended June 30, 2007 and the unaudited results of the predecessor business for
the six months ended June 30, 2006. Please refer to WesternOne Equity's
Management's Discussion and Analysis dated August 17, 2007 for further
information.
    "Sales growth was largely driven by the continued strength of the British
Columbia construction industry," said Darren Latoski, Chief Executive Officer.
Mr. Latoski also noted that WesternOne Equity's revenues and gross margin both
benefited from the increase in the size of the rental fleet.
    Total revenues of $9.79 million for the six months ended June 30, 2007
increased by $2.11 million, or 27.5%, compared to $7.68 million for the six
months ended June 30, 2006.
    Cost of sales of $3.45 million for the six months ended June 30, 2007
increased by $1.20 million, or 53.3%, compared to $2.25 million for the six
months ended June 30, 2006.
    Gross income of $6.34 million for the six months ended June 30, 2007
increased by $0.91 million, or 16.8%, compared to $5.43 million for the six
months ended June 30, 2006.
    Operating expenses, before interest, amortization and accretion, of
$3.27 million for the six months ended June 30, 2007 increased by $0.82
million, or 33.5%, compared to $2.45 million for the six months ended June 30,
2006.
    Earnings before interest, income taxes, amortization and accretion
("EBITDA") of $3.07 million for the six months ended June 30, 2007 increased
by $0.09 million, or 3.0%, compared to $2.98 million for the six months ended
June 30, 2006.
    Distributable cash for the three months ended June 30, 2007 was
$1.7 million, or $0.1431 per trust unit, and WesternOne Equity distributed
$1.2 million, or $0.1400 per trust unit, relating to the three consecutive
monthly cash distributions to its public unitholders, resulting in a payout
ratio of 69.3%.
    Distributable cash for the six months ended June 30, 2007 was
$2.6 million, or $0.2195 per trust unit, and WesternOne Equity distributed
$2.0 million, or $0.2666 per trust unit, relating to the six consecutive
monthly cash distributions to its public unitholders, resulting in a payout
ratio of 76.7%.
    WesternOne Equity has announced two subsequent monthly distributions of
$0.05 per unit for each of July 2007 (paid August 15, 2007) and August 2007
(payable September 17, 2007).
    During the six months ended June 30, 2007, WesternOne Equity increased
the monthly distributions by 22.5%. This increase was the result of a 10.2%
increase announced March 7, 2007, increasing the monthly distribution from
$0.0408 to $0.045 per trust unit effective March 1, 2007 (equivalent to $0.54
per trust unit on an annualized basis), and a further increase of 11.1%
announced April 27, 2007, increasing the monthly distribution from $0.045 to
$0.05 per trust unit effective June 1, 2007 (equivalent to $0.60 per trust
unit on an annualized basis).
    Mr. Latoski said, "These distribution increases, along with the strong
Western Canadian economy, further indicate the strength of our businesses."
    WesternOne Equity will continue its targeted growth strategy through
organic growth and accretive acquisitions.

    Conference Call
    ---------------
    Darren Latoski, CEO, and Robert Hibberd, CFO, of WesternOne Equity GP
Inc. will host a conference call at 5:30pm (EST), 2:30pm (PST), on Monday
August 27, 2007, to review the financial results and corporate developments
for the six months ended June 30, 2007.
    To participate in this conference call, please dial one of the following
numbers approximately 10 minutes prior to the commencement of the call, with
the participant pass-code 88222 followed by the number sign.

    
                 Vancouver....................  604-899-1159
                 Calgary......................  403-232-6311
                 Edmonton.....................  780-424-5694
                 Toronto......................  416-883-0139
                 Ottawa.......................  613-212-4230
                 International................  403-232-6311
                 Toll-free....................  1-888-458-1598
    

    If you are unable to participate, a replay will be available 30 minutes
after the meeting end, until midnight of Thursday September 27, 2007, by
dialing one of the following numbers with the conference reference number
509893 followed by the number sign.

    
                 Calgary......................  403-232-0933
                 International................  403-232-0933
                 Toll-free....................  1-877-653-0545
    

    We look forward to having you participate in our call.

    About WesternOne Equity
    -----------------------
    WesternOne Equity has been established to seek out and acquire
predominantly privately owned businesses located primarily in the Western
Canadian provinces of British Columbia, Alberta and Saskatchewan, in order to
generate stable and growing distributions to its unitholders as well as to
achieve overall capital appreciation.
    Additional information about WesternOne Equity is available at www.weq.ca
or www.sedar.com

    Forward-Looking Statements
    --------------------------
    Certain statements in this press release may constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. When used in this press release, such statements often use, but
are not limited to, such words as "may", "will", "expect", "should",
"believe", "intend", "plan", "anticipate", "potential", and other similar
terminology. These statements reflect current expectations of WesternOne
Equity's management regarding future events and operating performance and
speak only as of the date of this press release. Forward-looking statements
involve significant risks and uncertainties, should not be read as guarantees
of future performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A number of
factors could cause actual results to differ materially from the results
discussed in the forward-looking statements, including, but not limited to,
the following factors: competitive and economic environment, impact of changes
to tax treatment of income trusts or dividend tax credits, foreign exchange,
seasonality, inability to close or realize accretive benefits from
acquisitions, fluctuation of cash distributions, nature of trust units and
unfavourable changes in capital markets. Although the forward-looking
statements contained in this press release are based upon what WesternOne
Equity's management believes to be reasonable assumptions, WesternOne Equity
cannot assure investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of
the date of this press release and WesternOne Equity assumes no obligation to
update or revise them to reflect new events or circumstances.

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.





For further information:

For further information: Robert Hibberd, Chief Financial Officer,
WesternOne Equity Income Fund, Suite 910, 925 West Georgia Street, Vancouver,
BC, V6C 3L2, Phone: (604) 678-4042, E-mail: rhibberd@weq.ca


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