UE Waterheater Income Fund

UE Waterheater Income Fund

June 08, 2007 12:15 ET

Union Energy Limited Partnership Announces Agreement With CEP

TORONTO, ONTARIO--(Marketwire - June 8, 2007) -


Union Energy Limited Partnership (Union Energy LP), a wholly-owned entity of UE Waterheater Income Fund (TSX:UWH.UN), announced today that the Communications, Energy and Paperworkers Union of Canada (CEP) Local 1999 bargaining units, representing approximately 300 Union Energy LP service, installation, and clerical employees located throughout Ontario, have voted 71% in favour of a new 24 month labour agreement retroactive to January 1, 2007.

The new agreement replaces the existing agreement, which expired December 31, 2006. Overall, clerical and hourly employees will realize a wage rate improvement of 3.0% in year one, and a 2.5% wage increase in year two of the contract.

Last week the Company and the United Steelworkers, Local 2020, representing approximately 25 service, installation, and clerical employees located in Sudbury, reached an agreement with 70% voting in favour of the 36 month labour agreement effective June 4, 2007. This agreement replaces the agreement that expired June 3, 2007 and provides for a 2.5% wage increase in each year of the contract.

"Union Energy is pleased with the outcome of these settlements. We believe these agreements benefit employees, customers, unitholders and Union Energy," says Union Energy president and CEO Roger Rossi, adding: "These agreements support Union Energy's focus on providing efficient, essential home comfort products and services, ensuring we have the highest caliber of technically qualified employees serving our customers' home comfort needs."

About UE Waterheater Income Fund

UE Waterheater Income Fund is an unincorporated, open-ended, limited purpose trust established under the laws of Ontario that indirectly holds, through the UE Waterheater Operating Trust, the water heater rental business of Union Energy Limited Partnership (Union Energy LP) and its related commercial activities as well as the security monitoring business of Protectron Limited Partnership (Protectron LP). Each Unit of the Fund represents an indirect ownership interest in Union Energy LP and Protectron LP, which own and operate the businesses.

Union Energy LP's main business is the rental and service of a portfolio of more than one million residential water heaters in Ontario which is 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, service and maintenance, and financing of heating, ventilation and air conditioning equipment as well as electronic security system sales, installation, rental, service, monitoring, and related commercial activities. The businesses operate under the Union Energy, Reliance Home Comfort, Reliance Protectron Security Systems, UEI Financial and Reliance Commercial Solutions brand names.

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

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