October 16, 2006 16:54 ET

Granby Industries Income Fund Appoints New Vice President and General Manager of Tank Business

New Appointment Reflects Fund's Commitment to Growing Tank Business

GRANBY, QUEBEC--(CCNMatthews - Oct. 16, 2006) - Granby Industries Income Fund (the "Fund") (TSX:GBY.UN) announced it has appointed Pierre Fournier Vice President and General Manager of its tank business, effective today. Mr. Fournier brings extensive manufacturing and HVAC experience to the position. He is also bilingual and originally from Quebec's Eastern Townships, where Granby is located.

"We are delighted to appoint someone with Pierre's years of experience and background to this position. His appointment reflects our commitment to growing our tank business," said Lucio Di Clemente, President and CEO of Granby Industries Income Fund. "Pierre has 20 years manufacturing and HVAC experience as well as considerable regional knowledge of Granby. We believe he will add significant value to the Fund."

"I'm very pleased to be associated with Granby. I look forward to helping Granby maintain its market leading position in heating oil storage tanks as well as grow our business in non-traditional markets such as commercial tanks and other storage tank applications," said Pierre Fournier.

Mr. Fournier joins Granby from MAAX Inc. where he held a number of senior positions with the organization's Canadian subsidiaries since 1999. These included Vice President, Operations, at MAAX Canada Inc. from 2005, Vice President, Operations, at MAAX Laval from 2002 to 2005 and General Manager of MAAX Spas Ontario Inc. from 1999 to 2002. Prior to his tenure at MAAX Inc., Mr. Fournier was VP, Operations at Venmar Ventilation Inc.

Mr. Fournier holds a Bachelor of Business Administration from the Universite de Sherbrooke. He was also a member of the Board of Directors of the Association des Industriels de Lanaudiere between 1992 and 1994, and a member of the Joliette Chamber of Commerce between 1989 and 1994.

About Granby Industries Income Fund

Granby Industries is a leading North American manufacturer of high quality tanks for the residential and light commercial storage of heating oil and other petroleum-based products and is also a leading manufacturer of coated copper tubing. Granby has been operating in the heating oil storage tank industry for more than 50 years and its primary business is manufacturing replacement residential tanks. Granby Industries has operations in Granby, Quebec and Oakville, Ontario.

Forward-Looking Statements

Certain information included in this press release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future financial position, business strategy and strategic goals, sales targets, budgets, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving the Fund and Granby LP.

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