EVEREADY INCOME FUND
TSX : EIS.UN

EVEREADY INCOME FUND

June 16, 2005 19:22 ET

Eveready Raises $24 Million

EDMONTON, ALBERTA--(CCNMatthews - June 16, 2005) -

This press release is not to be distributed to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law.

Eveready Income Fund (TSX:EIS.UN) ("Eveready") announced today that it has closed its previously announced private placement and raised $24,000,000 through the issuance from treasury of 6,400,000 trust units at $3.75 per unit. The trust units issued in the private placement will not be freely tradable until October 16, 2005. The proceeds of the Offering will be used for general corporate purposes including capital expenditures. First Associates Investments Inc. acted as agent for Eveready in this private placement.

An insider has participated in the private placement for a total of 2,666,667 trust units. However, prior to completing the private placement, that insider of Eveready had previously sold the same number of trust units at the same price to arm's length purchasers in a private non-brokered transaction and thus he has not increased his total ownership of trust units of Eveready and did not receive any net benefit in these transactions.

Eveready Income Fund is one of Canada's leading providers of industrial cleaning, oilfield, and environmental services to the energy, resource, and manufacturing sectors. The trust 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.

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