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CALGARY, ALBERTA – November 16, 2007 /CNW/ - Newalta Income Fund ("Newalta") announced today the closing of its $100 million Convertible Unsecured Subordinated Debenture offering. The underwriting syndicate was led by CIBC World Markets Inc. as the sole bookrunner, and co-led by RBC Capital Markets.

The net proceeds from the sale of the Debentures will be used to repay outstanding indebtedness borrowed to fund acquisitions and growth capital expenditures in 2007. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

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.