The Consumers' Waterheater Income Fund
TSX : CWI.UN

The Consumers' Waterheater Income Fund

October 01, 2010 08:00 ET

The Consumers' Waterheater Income Fund Completes Acquisition of Enbridge Electric Connections Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2010) - The Consumers' Waterheater Income Fund ("Fund") (TSX:CWI.UN) today announced that a wholly-owned subsidiary of the Fund has completed the previously announced acquisition of all of the outstanding shares of Enbridge Electric Connections Inc. ("EECI") for approximately $23.2 million in cash, subject to a potential adjustment based on working capital at close. EECI is principally engaged in the provision of equipment and services under long-term contracts with customers to allow sub-metering and remote measurement of electricity and water in multi-unit condominium complexes and apartment buildings in Ontario. With approximately 30,000 billing customers, EECI's business is complementary to the Fund's existing sub-metering business conducted through Stratacon Inc. ("Stratacon"). EECI's customer base is predominantly in the new and retro-fit condominium market segments, while Stratacon's core market focus is in the retro-fit rental apartment sector.

The transaction approximately doubles the Fund's sub-metering business by combining the two largest non-utility sub-metering businesses in Canada.

For additional information about EECI please visit www.enbridgeelectric.com.

About The Consumers' Waterheater Income Fund

The Fund owns a portfolio of approximately 1.3 million installed water heaters and other assets, rented primarily to residential customers in Ontario. The Fund also owns Stratacon, a leading sub-metering company, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.

Additional information regarding the Fund, including its current Annual Information Form is available on SEDAR at www.sedar.com.

Contact Information

  • The Consumers' Waterheater Income Fund
    Chris Cawston
    CFO
    1.905.695.7793 or 1.800.781.2943
    ccawston@cwif.ca