TORONTO, ONTARIO–(Marketwire – Sept. 18, 2008) – The Consumers' Waterheater Income Fund (the "Fund") (TSX:CWI.UN) and The Consumers' Waterheater Operating Trust (the "Trust") today announced an agreement to acquire Thunder Bay Hydro Energy Services Inc.'s water heater portfolio for approximately $3.8 million. The acquisition will add 5,960 water heaters to the Fund's existing water heater portfolio, and is scheduled to close on September 19, 2008, subject to customary closing conditions. "We look forward to providing excellent service to these customers" said John Macdonald, President and Chief Executive Officer. "Acquiring these additional water heaters and customer relationships demonstrates an ongoing investment in our growth strategy." About The Consumers' Waterheater Income Fund The Fund owns a portfolio of approximately 1.4 million installed water heaters and other assets, rented primarily to residential customers in Ontario. The Fund also owns Stratacon Inc., a leading "smart" sub-metering company, with meters installed in approximately 24 thousand condominium and apartment suites in Alberta, Ontario and elsewhere in Canada. The Trust is a wholly-owned subsidiary of the Fund, and, through its subsidiaries, owns and manages substantially all the water heater and related assets of the Fund. Additional information regarding the Fund and the Trust, including their current A nnual Information Forms, are available at www.sedar.com. About Thunder Bay Hydro Energy Services Inc. Thunder Bay Hydro Energy Services Inc. is the unregulated affiliate of Thunder Bay Hydro Electricity Distribution Inc. which is owned by the city of Thunder Bay. Thunder Bay Hydro Electricity Distribution Inc. distributes electricity to over 49,000 customers via a network of over 1,300 kilometers (815 miles) of overhead and underground power lines. Forward-looking Information Certain statements in this news release are forward-looking statements, which reflect management's expectation regarding the Fund's growth, results of operations, performance, business prospects and opportunities. Such forward-looking information reflects management's current beliefs and is based on information available to them and/or assumptions management believes are reasonable. Many factors could cause results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information is based on what management believes to be reasonable assumptions, the Fund cannot assure investors that actual results will be consistent with this forward-looking information. Except as required by applicable securities laws, the Fund does not intend and does not assume any obligation to update or revise the forward-looking information, whether as a result of new information, future events or otherwise.
For further information: The Consumers’ Waterheater Income Fund
Steve Bower
Chief Financial Officer
Office: (905) 943-6292 or Cell: (416) 453-2943
Email: [email protected]
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