River Valley Income Fund

March 15, 2005 16:50 ET

River Valley Income Fund Announces Distribution


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RIVER VALLEY INCOME FUND

TSX VENTURE SYMBOL: RVD.UN

MARCH 15, 2005 - 16:50 ET

River Valley Income Fund Announces Distribution

GRIMSHAW, ALBERTA--(CCNMatthews - March 15, 2005) - River Valley Income
Fund (TSX VENTURE:RVD.UN) ("River Valley") announced that the board of
trustees of River Valley has declared a cash distribution of $0.02 per
unit for the month of March to River Valley's unitholders. This payment
represents $0.24 per unit on an annualized basis. Payment will be made
on or about April 15, 2005 to unitholders of record as of the close of
business on March 30, 2005. Investors are cautioned that monthly
distributions are always subject to approval from the board of trustees
and may be increased, decreased or suspended by the board at anytime.

As previously announced, River Valley and Eveready Industrial Group Ltd.
("Eveready") have signed a formal arrangement agreement dated December
3, 2004, whereby River Valley will acquire all of the outstanding shares
of Eveready, which acquisition will be accounted for as a reverse
take-over. River Valley and Eveready are at arm's length to one another.

Completion of the transaction is subject to a number of conditions,
including, but not limited to, TSX Venture Exchange acceptance and
disinterested River Valley unitholder approval. The transaction cannot
close until the required unitholder approval is obtained. If all
conditions are satisfied, it is anticipated that the arrangement will be
effective March 31, 2005. There can be no assurance that the transaction
will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management
information circular to be prepared in connection with the transaction,
any information released or received with respect to the proposed
reverse takeover may not be accurate or complete and should not be
relied upon. Trading in the securities of River Valley Income Fund
should be considered highly speculative.

River Valley Income Fund provides seismic line construction,
heliportable drilling and civic construction services in Northern
Alberta and BC.

This press release contains forward-looking statements subject to
various risk factors and uncertainties, which may cause the actual
results, performances or achievements of River Valley 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 River Valley, industry
competition and River Valley's ability to attract and retain both
customers and key personnel.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    River Valley Income Fund
    Marv Lefebvre
    President & CEO
    (780) 332-1330
    (780) 332-4081 (FAX)
    Email: marv@rivervalleyservices.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.