News Releases

CALGARY, ALBERTA - Mar 31, 2004 /CNW/ - Newalta Income
Fund ("Newalta") today announces the closing of the acquisition
of the assets of the Scanland's vacuum truck, industrial waste
and related operations for $4.55 million cash.

Located in the east Kootenay's of southern BC, Scanland's
operated out of facilities in Cranbrook and Sparwood. The
business employs 15 full-time people, generates annual revenue of
approximately $3.5 million and has been operating for 50 years.
The Scanland's operations include a fleet of 22 revenue
generating vehicles involved in the collection, transportation
and disposal of industrial sludges and waste water as well as
general vacuum truck and industrial services.

"This acquisition is consistent with our strategy of acquiring
complementary business in western Canada and also positions
Newalta in a new geographic market. Scanland's experienced
people, quality assets and sound reputation will enhance our
existing network of facilities", said Ron Sifton, Senior Vice
President, Finance and Chief Financial Officer of Newalta.

Newalta Income Fund is an open-ended trust that maximizes the
inherent value in certain industrial wastes through recovery of
saleable products and recycling, rather than disposal. Through an
integrated network of 39 state-of-the-art facilities, Newalta
delivers world-class solutions to a broad customer base of
national and international corporations, in a range of
industries, including the automotive, forestry, pulp and paper,
manufacturing, mining, oil and gas, petrochemical, and
transportation services industries. With a strong track record of
profitable growth and environmental stewardship, Newalta is
focused on leveraging its proven competencies in new service
sectors and geographic markets from coast to coast.