BFI Canada Income Fund

BFI Canada Income Fund

August 18, 2008 16:11 ET

BFI Canada Income Fund Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Aug. 18, 2008) -


BFI Canada Income Fund (the "Fund") (TSX:BFC.UN) today announced its intention to buy back certain of its outstanding ordinary trust units (the "Units").

The Fund has filed a Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") with the Toronto Stock Exchange (the "TSX"), which has been accepted, for the purchase, from time to time, of Units through the facilities of the TSX. Any such purchases of Units would be made during the continuous period from August 21, 2008 to August 20, 2009. The Units will be purchased by the Fund for cancellation.

The Board of Trustees of the Fund believe that, in view of the changes to the tax treatment of income trusts announced by the Federal government in October 2006, and continuing market uncertainty affecting the income trust sector, including in relation to the Fund's publicly-announced proposal to convert from an income trust into a dividend paying corporation, the market price of the Fund's Units may not adequately reflect the current value of, and prospects for, the Fund's business. As a result, the Board of Trustees believe that the Fund's outstanding Units may, at such times, represent an attractive opportunity to realize additional unitholder value and that purchases of Units at such times would be an appropriate and desirable use of the Fund's available resources.

The Fund may commence purchases of Units on August 21, 2008, at times and in quantities determined by it. All purchases will be effected through the facilities of the TSX, and will comply with the regulations of a NCIB as defined by the TSX. Under the bid, up to 5,687,986 Units of the Fund may be purchased. This amount represents approximately 10% of the public float of Units of the Fund as of August 12, 2008. The Fund may purchase up to 29,095 Units during any trading day, which represents 25% of the average daily trading volume for the most recently completed six calendar months prior to TSX acceptance of the notice of the NCIB. This limitation does not apply to purchases made pursuant to block purchase exemptions, or as may otherwise be permitted by the TSX. The Fund has 57,568,637 Units issued and outstanding as of August 18, 2008.

For further information regarding the Fund's proposal to convert from an income trust into a dividend paying corporation, please see the press release of the Fund dated August 18, 2008.

Forward-looking statements

This document may contain forward-looking statements relating to the Fund's operations or to the environment in which it operates, which are based on the Fund's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the Fund's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in the Fund's Annual Information Form for the period ended December 31, 2007. Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Fund cannot assure unitholders that actual results will be consistent with these forward looking statements, and the Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

About BFI Canada Income Fund

The Fund, through its operating subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste ("waste") collection and disposal services to commercial, industrial, municipal and residential customers in five Canadian provinces and ten states in the United States ("U.S."). The Fund provides service to over 1.8 million customers with vertically integrated collection and disposal assets. The Fund's Canadian segment operates under the BFI Canada brand and is Canada's second largest full-service waste management company providing vertically integrated waste collection and disposal services in the provinces of British Columbia, Alberta, Manitoba, Ontario, and Quebec. This segment provides service to 20 Canadian markets and operates five landfills, four transfer collection stations, seven material recovery facilities ("MRFs"), and one landfill gas to energy facility. The Fund's U.S. south and northeast segments, collectively the U.S. segment or U.S. segments, operate under the IESI brand and provide vertically integrated waste collection and disposal services in two geographic regions: the south, consisting of various service areas in Texas, Louisiana, Oklahoma, Arkansas, Mississippi, and Missouri, and the northeast, consisting of various service areas in New York, New Jersey, Pennsylvania, and Maryland. This segment provides service to 39 U.S. markets and operates 17 landfills, 31 transfer collection stations, 10 material recovery facilities, and one transportation operation. The Fund's units are listed on the Toronto Stock Exchange under the symbol BFC.UN. For more information on the Fund, visit

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