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CALGARY, ALBERTA – November 27, 2007 /CNW - Newalta Income Fund ("Newalta") (TSX:NAL.UN) today announced the closing of the over-allotment option from the previously announced $100 million Convertible Unsecured Subordinated Debenture offering completed on November 16, 2007. The underwriters exercised the entire over-allotment option resulting in additional gross proceeds of $15 million. The underwriting syndicate for this offering was led by CIBC World Markets Inc. as the sole bookrunner, and co-led by RBC Capital Markets. The net proceeds from the offering, including the net proceeds from the over-allotment option, will be used to pay down outstanding indebtedness borrowed to fund acquisitions and growth capital expenditures in 2007.

Newalta Income Fund is the largest Canadian industrial waste management and environmental services provider and focuses on maximizing the value inherent in industrial waste through the recovery of saleable products and recycling. It also provides environmentally sound disposal of solid, non-hazardous industrial waste. With talented people and a national network of facilities, Newalta serves customers in the automotive, forestry, manufacturing, mining, oil and gas, petrochemical, pulp and paper, steel and transportation service industries. Providing solid investor returns, exceptional customer service, safe operations and environmental stewardship has enabled Newalta to expand into new service sectors and geographic markets. Newalta Income Fund's units trade on the TSX as NAL.UN. For more information, visit www.newalta.com.