Gienow Windows & Doors Income Fund
TSX : GIF.UN

Gienow Windows & Doors Income Fund

October 22, 2007 09:28 ET

Gienow Windows & Doors Income Fund Announces October Distribution and Further Information With Regard to Privatization Transaction With Affiliates of HIG Capital

CALGARY, ALBERTA--(Marketwire - Oct. 22, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. CITIZENS

Gienow Windows & Doors Income Fund (the "Fund") (TSX:GIF.UN) today announced its cash distribution for the period from October 1, 2007 to October 31, 2007. The distribution, in the amount of $0.05 per unit, will be paid on October 31, 2007 to unitholders of record at the close of business on October 29, 2007.

The Fund also announced today that the previously announced privatization transaction with affiliates of H.I.G. Capital LLC is expected to close on October 31, 2007, with the redemption of all outstanding trust units of the Fund to follow on or about November 2, 2007. The Fund expects that the portion of the $4.20 in cash per unit that a unitholder will receive on the redemption that will constitute income to the unitholder will be approximately $0.20. The final determination of the allocation, however, will depend on the results of operations to the end of October, and this constitutes management's current estimate based on current information. The final amount will be established following the completion of the Fund's fiscal year end and will be included in the Fund's T3 return, which will be made available in early 2008.

Unitholders who are non-residents of Canada will be subject to applicable withholding taxes on their distributions from the Fund, including the portion of the $4.20 per unit to be received on the redemption that will constitute income to unitholders.

About Gienow Windows & Doors Income Fund

Gienow Windows & Doors Income Fund is an unincorporated, open-ended, limited-purpose trust established under, and governed by the laws of the Province of Alberta. The Fund holds a 98% limited partnership interest in the Gienow Windows & Doors Limited Partnership and owns all of the outstanding shares of Farley Windows Inc. The Fund is one of the largest Canadian window and door manufacturers and one of only two Canadian window and door manufacturers with a national manufacturing and sales presence.

To find out more about the Fund, visit our website at www.gienowincomefund.ca.

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