02.12.03

2.12.2003: Meldung: Newalta Income Fund Announces Closing of Acquisition

Newalta Income Fund ("Newalta") today announces the closing of the acquisition of the Hazmat Transportation Services and Waste Logistics assets from ECL Environmental Services Ltd. for $5.2 million cash. Operating out of four facilities in Calgary, Red Deer, Edmonton and Fox Creek, Alberta, the acquired businesses employ 45 people and generate annual revenue of approximately $10 million. The Calgary and Edmonton operations will be integrated into Newalta"s existing facilities.

The Hazmat operations include a fleet of 18 vacuum units based in Edmonton, Calgary and Red Deer and are involved in the transportation of industrial sludges and waste waters. Newalta is currently expanding its sludge processing capabilities and the Hazmat vacuum units will extend Newalta"s existing service offering.
The Waste Logistics operations involve over 1100 bins for solid waste and contaminated soils generated in the oil and gas industry. These operations will expand Newalta"s existing lugger bin service operations in these markets. Waste Logistics is also involved in waste brokerage and on-site waste management, hazardous waste transportation and site remediation. These represent opportunities for Newalta to further utilize its network to expand services to existing customers. "This is an excellent acquisition for Newalta with services complementary to our existing operations, and we expect strong returns on our investment in 2004," said Al Cadotte, President and Chief Executive Officer of Newalta Income Fund.

Newalta Income Fund is an open-ended trust that maximizes the inherent value in certain industrial wastes through recovery of saleable products and recycling, rather than disposal. Through an integrated network of 35 state-of-the-art facilities, Newalta delivers world-class solutions to a broad customer base of national and international corporations, in a range of industries, including the automotive, forestry, pulp and paper, manufacturing, mining, oil and gas, petrochemical, and transportation services industries. With a strong track record of profitable growth and environmental stewardship, Newalta is focused on leveraging its proven competencies in new service sectors and geographic markets from coast to coast.

Newalta Income Fund
Ronald L. Sifton
Senior Vice President, Finance & CFO
Phone: (403) 206-2684
www.newalta.com
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