WFI Industries Ltd. Announces 2007 Second Quarter Results: Energy/Global Warming Concerns Accelerate Sales 24.5%, $0.16 Quarterly Dividend



    (U.S.$)

    FORT WAYNE, IN, Aug. 8 /CNW/ - Bruce Ritchey, President and CEO of WFI
Industries Ltd., today announced the Company's second quarter 2007 results.
"Sales increased 24.5% for the quarter and 23.2% year to date. The markets in
North America and around the world are recognizing that geothermal heating and
cooling is an excellent way to reduce energy consumption and therefore reduce
the impacts of our reliance on fossil fuels."
    Timothy Shields, Chairman of the Board, noted "Net Income for the quarter
was up 17.9% over previous year. Even though the overall heating and air
conditioning market is experiencing a very tough year due to the slump in
residential new construction and a relatively cool summer, geothermal heating
and air conditioning sales are growing rapidly."
    The board of directors approved the normal quarterly dividend of $0.16 US
per share. The dividend will be paid on September 1, 2007 to shareholders of
record as of the end of trading on August 17, 2007.

    
                             WFI Industries Ltd.
                      Consolidated Statements of Income
       Prepared using Canadian generally accepted accounting principles
           (Unaudited - Thousands of U.S.$ except per share data)

                               Three months ended         Six months ended
                                    June 30,                  June 30,
                             ----------------------    ----------------------
                                2007         2006         2007         2006
                             ---------    ---------    ---------    ---------
    Sales                    $ 25,814     $ 20,728     $ 46,817     $ 38,012
    Cost of sales              17,949       13,738       32,885       25,464
                             ---------    ---------    ---------    ---------
    Gross profit                7,865        6,990       13,932       12,548
    Operating expenses          4,006        3,748        8,119        7,162
    Research and development
     expenses                     578          409        1,031          726
                             ---------    ---------    ---------    ---------
    Income before interest
     and income taxes           3,281        2,833        4,782        4,660
    Interest income                66           45          135           88
    Interest on long-term debt    (13)         (14)         (26)         (26)
                             ---------    ---------    ---------    ---------
    Income before income taxes  3,334        2,864        4,891        4,722
    Income taxes                1,246        1,093        1,819        1,798
                             ---------    ---------    ---------    ---------
    Net income               $  2,088     $  1,771     $  3,072     $  2,924
                             ---------    ---------    ---------    ---------
                             ---------    ---------    ---------    ---------
    Basic and diluted earnings
     per share U.S.$         $   0.17     $   0.15     $   0.25     $   0.24
                             ---------    ---------    ---------    ---------


                             WFI Industries Ltd.
                         Consolidated Balance Sheets
       Prepared using Canadian generally accepted accounting principles
                       (Unaudited - Thousands of U.S.$)
                                                        June 30, December 31,
                                                          2007         2006
                                                       ---------    ---------
    ASSETS
    Current Assets
      Cash and cash equivalents                        $  2,066     $  1,961
      Short-term investments                              2,700        4,500
      Receivables                                        14,046       13,521
      Inventory                                           6,254        5,825
      Other current assets                                1,606        1,520
                                                       ---------    ---------
    Total Current Assets                                 26,672       27,327

    Capital assets                                        4,665        4,760
    Other assets                                          1,383        1,273
                                                       ---------    ---------

    TOTAL ASSETS                                       $ 32,720     $ 33,360
                                                       ---------    ---------
                                                       ---------    ---------
    LIABILITIES
    Current Liabilities
      Payables and accruals                            $  8,510     $  8,280
      Income taxes payable                                  348          605
      Provision for warranty claims - current portion     1,360        1,415
      Long-term debt - current portion                      130          130
                                                       ---------    ---------
    Total Current Liabilities                            10,348       10,430

    Long-term debt                                          895          960
    Provision for warranty claims                         3,497        3,200
                                                       ---------    ---------

    TOTAL LIABILITIES                                    14,740       14,590
                                                       ---------    ---------
    SHAREHOLDERS' EQUITY
      Share capital                                      14,830       14,740
      Contributed surplus                                     -           11
      Retained earnings                                   3,150        4,019
                                                       ---------    ---------
    TOTAL SHAREHOLDERS' EQUITY                           17,980       18,770
                                                       ---------    ---------

    TOTAL LIABILITIES & SHAREHOLDERS' EQUITY           $ 32,720     $ 33,360
                                                       ---------    ---------
                                                       ---------    ---------
    

    More Information: Additional information is available on the Company's
web site: www.waterfurnace.com. WFI Industries Ltd. 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, 9000 Conservation
Way, Fort Wayne, IN 46809, (260) 479-3224

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WaterFurnace Renewable Energy, Inc.

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