UE Waterheater Income Fund

UE Waterheater Income Fund

March 21, 2005 08:30 ET

UE Waterheater Income Fund Announces Monthly Cash Distribution


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: UE WATERHEATER INCOME FUND

TSX SYMBOL: UWH.UN

MARCH 21, 2005 - 08:30 ET

UE Waterheater Income Fund Announces Monthly Cash
Distribution

TORONTO, ONTARIO--(CCNMatthews - March 21, 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 a
cash distribution of $0.075 per Unit for the month of March, 2005. The
distribution will be payable May 2, 2005 to Unitholders of record at the
close of business on March 31, 2005.

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
Limited Partnership (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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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    UE Waterheater Income Fund
    Media - Jennifer Garland
    (416) 490-4968
    jgarland@unionenergy.com
    or
    UE Waterheater Income Fund
    Investment Community - Paul Steffensen
    Controller, Operations & Forecasts
    (416) 499-8654
    psteffen@unionenergy.com