WesternOne Equity Income Fund Reports Q3 2011 Financial Results and Schedules Conference Call

VANCOUVER, Nov. 10, 2011 /PRNewswire/ - WesternOne Equity Income Fund ("WesternOne Equity") (Toronto Stock Exchange: WEQ.UN, WEQ.DB.B and WEQ.DB.C) today announced the release of its financial results for the three and nine months ended September 30, 2011.

The results, consisting of WesternOne Equity's unaudited interim financial statements for the three and nine months ended September 30, 2011 and Management's Discussion and Analysis ("MD&A") dated November 10, 2011, are available on SEDAR (www.sedar.com).

Financial highlights for the third quarter:

• Year-over-year organic growth of 12.9% in revenue and 10.7% in EBITDA due to solid construction equipment rentals and services in BC and Alberta under the WesternOne Rentals & Sales division
• The Britco division generated revenue of $22.6 million and EBITDA of $4.1 million from modular building manufacturing, leasing and site services
• Payout percentage⁽³⁾ of 70.8% compared to 209.3% in Q3 of 2010 and year-to-date payout percentage of 67.0% compared to 129.7% for the same period in 2010
• Management executed expansion strategy to enter into the southern US modular workforce housing market through setting up Britco Structures USA LLC with two other minority investors in September 2011
• $5.8 million principal amount of WesternOne Equity's convertible debentures (plus interest thereon) were converted to WesternOne Equity units ("Units"), resulting in a deleveraging of WesternOne Equity's balance sheet and a corresponding increase of 1,243,902 Units outstanding

"We are pleased to see the improvements in Q3 under the execution of our growth strategy through rental fleet expansion and business acquisition," said Mr. Darren Latoski, Chief Executive Officer. "We continue to see solid activities in the construction and infrastructure sector, which give rise to growth in demand and rental rates for our rental equipment and modular trailers. Britco's modular manufacturing business also benefits from the growth in the oil & gas and other resource sectors, as evidenced by the signing of a $45 million workforce housing contract in northern Alberta earlier this summer. We are well positioned to serve this increasing demand for workforce housing by increasing capacity at our existing plants and expanding into the southern US energy sector."

Conference Call

Darren Latoski, CEO, Carlos Yam, CFO and Geoff Shorten, COO, of WesternOne Equity GP Inc. will host a conference call at 4:30pm (Eastern time) or 1:30pm (Pacific time), on Thursday, November 10, 2011, to review the financial results and corporate developments for the three and nine months ended September 30, 2011.

To participate in this conference call, please dial one of the following numbers approximately 10 minutes prior to the commencement of the call, and ask to join the WesternOne Equity conference call.

Conference Call Replay

If you cannot participate on November 10, a replay of the conference call will be available by dialing one of the following replay numbers. You will be able to dial in and listen to the conference two hours after the meeting end time, and the replay will be available until November 24, 2011. Please enter the Replay ID number 23568630 followed by the # key.

Forward-looking Information

Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to: the enhancement of WesternOne Equity's product and service offering and customer base derived from the Britco acquisition, the growth prospects in sectors where WesternOne Equity's businesses are conducted, market expansions under WesternOne Equity's current and future strategies, and the benefits that may accrue to WesternOne Equity and its unitholders as a result of such market expansions. Actual events or results may differ materially.

Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne Equity, including, without limitation, expectations and assumptions respecting: the outlook of WesternOne Equity's business and the economy in western Canada and the US, the supply and demand for WesternOne Equity's products and services, and management's assessment of future plans and operations. Although the forward-looking information contained in this press release is based upon what the WesternOne Equity's management believes to be reasonable assumptions, WesternOne Equity cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in WesternOne Equity's Annual Information Form dated March 31, 2011 and Management's Discussion and Analysis dated November 10, 2011, which are available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne Equity. The forward-looking information is made as of the date of this press release and WesternOne Equity assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

About WesternOne Equity

WesternOne Equity seeks to acquire businesses in the sector of construction and infrastructure services in order to generate stable and growing distributions to its unitholders as well as to achieve overall capital appreciation.

Additional Information

Additional information relating to WesternOne Equity, including WesternOne Equity's Annual Information Form and other public filings, is available on SEDAR at www.sedar.com or on WesternOne Equity's website at www.weq.ca.

Trading Symbols
Toronto Stock Exchange: WEQ.UN, WEQ.DB.B and WEQ.DB.C

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE. 

SOURCE WesternOne Equity Income Fund