UE Waterheater Income Fund

UE Waterheater Income Fund
Enersource Corporation

Enersource Corporation

January 23, 2006 15:57 ET

Union Energy Limited Partnership Purchases Electric Water Heater Rental Assets from Enersource Hydro Mississauga Services

TORONTO, ONTARIO--(CCNMatthews - Jan. 23, 2006) - UE Waterheater Income Fund (the "Fund") (TSX:UWH.UN) and Enersource Corporation are pleased to announce the Fund's operating entity, Union Energy Limited Partnership ("Union Energy"), has purchased over 12,000 electric water heater customer contracts, rental agreements and related assets from Enersource Hydro Mississauga Services Inc. ("Enersource") effective January 23, 2006. Reliance Home Comfort, a brand of Union Energy, will serve the rental water heater needs of these customers. There will be no disruption to customers' rental water heater services as part of this transaction.

"With this acquisition, Union Energy is continuing to grow its rental customer base and I believe our new customers will be pleased with the peace of mind and convenience provided by the service, quality and value of Reliance Home Comfort's rental equipment program," says Union Energy's President and CEO Roger Rossi.

"This sale will allow Enersource to focus its resources on its core energy businesses, while at the same time ensuring that Enersource electric water heater customers are served by one of the leading companies in the industry," said Gunars Ceksters, President and CEO of Enersource Corporation, parent of Enersource Hydro Mississauga Services Inc. "We will be working with Reliance Home Comfort to ensure a seamless transition for the Enersource rental water heater customers," he continued.

With an electric rental water heater from Reliance Home Comfort, customers enjoy the many benefits of a rental program including:

- No upfront capital costs for the equipment and installation.

- Free tank repairs.

- Free tank replacement.

- Priority service through a local service representative.

- Service available 7 days per week.

- Premium quality, energy efficient equipment.

- Free tank size upgrade or downgrade if hot water requirements change.

- Simply one number to call for any customer service inquiry: 1-866-RELIANCE (1-866-735-4262).

- Rental agreement is transferable to the next homeowner.

About Reliance Home Comfort

Reliance Home Comfort, a brand of Union Energy, offers a full array of home comfort service and products. This includes rental and service of natural gas and electric water heaters, and air handlers; sales, rental, financing and service of high efficiency natural gas furnaces, air conditioners and air purifiers; and heating and cooling Home Comfort Protection plans to give our customers additional peace of mind. Union Energy is indirectly owned by UE Waterheater Income Fund (TSX:UWH.UN). For more information about Reliance Home Comfort, go to www.reliancehomecomfort.com or for more information about UE Waterheater Income Fund, go to www.ueincomefund.com.

About Enersource Corporation

Enersource Corporation is 90% owned by the City of Mississauga, and 10% by BPC Energy Corporation, a subsidiary of the Ontario Municipal Employees Retirement System. The utility's core electricity distribution business serves approximately 180,000 Mississauga customers and is a proven top performer in service efficiency, safety and system reliability. Among core focuses of the corporation today are the promotion and delivery of conservation and smart metering solutions to meet government objectives, and increasing involvement in distributed and renewable energy generation to enhance provincial electricity supply.

Contact Information

  • Union Energy LP
    Jennifer Garland
    Director, Corporate Communications
    (416) 490-4968
    C: (416) 347-3235
    Enersource Corporation
    Ken MacDonald
    Senior Manager, Communications and Government Relations
    (905) 283-4050