WesternOne Equity Income Fund Announces the Signing of Agreement for a Strategic Acquisition in Edmonton, Alberta

    VANCOUVER, Sept. 15 /CNW/ - WesternOne Equity Income Fund ("WesternOne")
(TSX: WEQ.UN and WEQ.DB) today announced the signing of an acquisition
agreement by one of its indirect subsidiaries to purchase the assets of
Sure-Fire Propane Ltd. and Davis Heater Service Ltd. (the "Acquisition"), an
equipment rental, construction heat and propane distribution business with
locations in Edmonton and Calgary.
    The acquisition agreement contemplates WesternOne paying, at closing, a
combined purchase price of $24.4 million, which is subject to post-closing
adjustments. This transaction is expected to be completed, subject to
customary closing conditions, on or about October 1, 2008.
    WesternOne will pay for the Acquisition using a combination of cash and
debt financing under an existing credit facility. This transaction is expected
to be immediately accretive to WesternOne's unitholders and will reduce
WesternOne's payout ratio. The business earned approximately $6.0 million in
EBITDA for the twelve months ended December 31, 2007.
    Mr. Darren Latoski, CEO of WesternOne, stated, "This transaction allows
WesternOne to acquire a business which has been a market leader in the
Northern Alberta equipment rental, construction heat and propane distribution
industry for over 23 years. It will increase WesternOne's presence in
Alberta's robust construction and infrastructure markets and further
geographically diversify WesternOne's revenue streams."
    "The Acquisition comes with an experienced management team within the
Northern Alberta market, with the expertise and relationships to develop and
further diversify WesternOne's operations in Western Canada. This Acquisition
is an excellent and opportune fit to our existing operations. As well as
adding a new and complementary platform in the business of propane
distribution, the Acquisition coincides with the start of the peak winter
season for construction heat and propane distribution, further balancing the
seasonality of WesternOne's revenue stream across all segments."

    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'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,
input pricing, seasonality and weather, supply disruptions, 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 management believes to be reasonable
assumptions, WesternOne 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
assumes no obligation to update or revise them to reflect new events or
circumstances, other than as required by law.

    About WesternOne
    WesternOne seeks to acquire equipment and infrastructure related
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
    Additional information about WesternOne is available at www.weq.ca or


For further information:

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

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