UE Waterheater Income Fund
TSX : UWH.UN

UE Waterheater Income Fund

July 15, 2005 13:20 ET

UE Waterheater Income Fund Announces Closing Date for Acquisition of Protectron Holdings Inc.

TORONTO, ONTARIO--(CCNMatthews - July 15, 2005) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

UE Waterheater Income Fund (the "Fund") (TSX:UWH.UN) announced today that the closing date for the acquisition by its operating entity, Union Energy Limited Partnership, of Protectron Holdings Inc. will be July 15, 2005. The Fund also confirmed that 7,720,000 Units will be issued on July 15, 2005 to the holders of the Fund's outstanding 7,720,000 Subscription Receipts through the facilities of The Canadian Depository for Securities Limited with book-entry system customer confirmations being entered on July 19.

About UE Waterheater Income Fund

UE Waterheater Income Fund is an unincorporated, open-ended, limited purpose trust established under the laws of the Province of Ontario, created to indirectly acquire and hold, through the UE Waterheater Operating Trust, the water heater rental business of Union Energy LP and its related commercial activities. Each Unit of the Fund represents an indirect ownership interest in Union Energy LP, which operates the Union Energy business.

Union Energy LP's main business is the rental and service of a portfolio of more than one million residential water heaters in Ontario, under the Union Energy and Ontario Hydro Energy brand names. Union Energy LP owns and services Canada's second largest portfolio of rental water heaters in a program that was initiated in the 1960s. In addition, Union Energy LP has related commercial activities that complement the water heater rental business, being the retail sale, rental, servicing and financing of heating, ventilation and air conditioning equipment.

For more information on the UE Waterheater Income Fund, visit the web site at www.ueincomefund.com.

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