Winalta Inc. Announces Record Third Quarter Earnings

    CALGARY, Sept. 29 /CNW/ - Winalta Inc. (Winalta) is pleased to announce
its sixth consecutive profitable quarter under new management. The Company
reports EBITDA of $6.4 million ($0.18 per share fully diluted) on revenue of
$28.9 million for the three months ended July 31 compared to and EBITDA of
$4.7 million ($0.15 per share fully diluted) on revenue of $24.3 million in
    EBITDA for the nine months ended July 31, 2008 was $16.4 million (22% of
revenue) relative to $6.8 million (11% of revenue) in 2007 and net earnings
were $4.9 million relative to $1.5 million in 2007.

    Selected Financial Highlights (000's, except per share amounts and

                                                  Three months ended July 31

                                                     2008     2007 (restated)

    Revenue                                       $28,863            $24,267
    Net earnings (loss)                            $2,062             $1,764
    Earnings (loss) per share                       $0.06              $0.06
    EBITDA                                         $6,374             $4,712
    EBITDA per share                                $0.18              $0.15

                                                   Nine months ended July 31

                                                     2008     2007 (restated)

    Revenue                                       $75,427            $61,561
    Net earnings (loss)                            $5,169             $1,549
    Earnings (loss) per share                       $0.14              $0.06
    EBITDA                                        $16,440             $6,818
    EBITDA per share                                $0.46              $0.26

    Company revenue for the three months ended July 31, 2008 has again
exceeded comparative 2007 levels with revenue realized from an expanded
oilfield rental fleet in addition to revenue from construction operations
acquired in 2007. The oilfield rental operations achieved high utilizations of
well-site accommodations through the third quarter due to strategic deployment
of a portion of the fleet into Saskatchewan, where drilling activity has
increased dramatically. The paving operations within the industrial division
ramped up activity and contributed to the strong revenues in the third quarter
of 2008.
    The Industrial Division margins increased significantly for the third
quarter of 2008 due to the profitable contributions of the oilfield rentals,
excavation and construction businesses as compared to 2007.
    The Homes Division margins for the three months ended July 31, 2008
produced comparable results to 2007 as a result of stable selling prices and
margins realized on retail home sales.
    Additional information and Management's Discussion and Analysis are
available on SEDAR (

    Winalta Inc. is a fully integrated company with two main divisions: Homes
and Industrial. The Homes Division manufactures CSA approved homes, develops
land and builds communities. The Industrial Division manufactures and leases
industrial accommodations, provides construction services that include
excavating, aggregate trucking and paving.
    Winalta Inc. shares trade on the TSX Venture Exchange under the symbol

    The TSX Venture Exchange has neither approved nor disapproved the
    contents of this news release. The TSX Venture Exchange does not accept
    responsibility for the adequacy or accuracy of this release.

    The words "believe", "expect", "intend", "anticipate", or any variation
of such words and similar expressions identify forward-looking statements, but
their absence does not mean that the statement is not forward-looking. These
statements are not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this news release. Winalta undertakes no
obligation to publicly update or revise any forward-looking statements or
information, whether as a result of new information, future events or
otherwise, except as required by securities laws.

    %SEDAR: 00005154E

For further information:

For further information: Business Contact, Artie T. Kos, President &
CEO, Winalta Inc.,, Tel: (780) 960-6900, Fax: (780)
962-9523,; Todd Channon, CFO, Tel: (780) 960-6900, Fax
(780) 962-9523; Investor Relations, Austin Fraser, VP Corporate Development
and Investor Relations, Tel: (403) 475-4698

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