WesternOne Equity Income Fund Announces the Completion of a Strategic Acquisition

    VANCOUVER, Jan. 2 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSXV: WEQ.UN and WEQ.DB) today announced the completion of the
purchase of the assets and the business of C&N Motors Ltd., doing business as
C&N Rentals ("C&N") for $2.0 million, with an additional provision of up to
$0.3 million based on future earnings of C&N. The completion of the purchase
is subject to closing adjustments.
    C&N, an equipment rental, sales and service business located in central
Vancouver Island, is a leading player in the Comox/Courtenay area.
    WesternOne Equity paid for the Acquisition using its existing cash. This
investment is expected to be immediately accretive to WesternOne Equity's
unitholders, with an initial projected increase of approximately $0.5 million
in annual EBITDA.
    "This Acquisition allows us to further consolidate the equipment rentals
market on Vancouver Island, in conjunction with our acquisition of Old Country
Rentals in June 2007" said Mr. Darren Latoski, CEO of WesternOne Equity. "The
extended geographical reach provides us with a strong business platform to
grow our business in a market where we see continued strength in the equipment
rental and sales sector."

    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.


For further information:

For further information: Andrew Greig, Manager of Investor Relations or
Carlos Yam, Chief Financial Officer, WesternOne Equity Income Fund, Suite 910,
925 West Georgia Street, Vancouver, BC, V6C 3L2, Phone: (604) 678-4042,
E-mail: agreig@weq.ca or cyam@weq.ca

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