November 07, 2005 08:30 ET

Eveready Closes Acquisition of Oilfield Equipment Rental Company

EDMONTON, ALBERTA--(CCNMatthews - Nov. 7, 2005) - Eveready Income Fund (TSX:EIS.UN)("Eveready" or the "Fund") announces that it has closed its previously announced acquisition of 100% of the issued and outstanding shares of Canada Wide Industries Ltd. ("CWI"). CWI is a private Alberta-based oilfield equipment rental company that provides, among other services, access mats to distribute heavy loads over pipelines and temporary or permanently installed bridges used for remote site logistics. The purchase price of $7,837,000 was satisfied via: (i) $1,200,000 through the issuance of 236,686 Units of the Fund at a deemed price of $5.07 per Unit; and (ii) $6,637,000 in cash.

Eveready is a growth oriented income fund that provides industrial and oilfield services, and health, safety and environmental services to the energy, resource, and manufacturing sectors. The Units of Eveready are listed for trading on the Toronto Stock Exchange under the trading symbol "EIS.UN".

This press release contains forward-looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances or achievements of Eveready to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, fluctuations in the market for oil and gas and related products and services, political and economic conditions, the demand for services provided by Eveready, industry competition and Eveready's ability to attract and retain both customers and key personnel.

Contact Information