News Releases

CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announces
the closing of the acquisition of the Hazmat Transportation
Services and Waste Logistics assets from ECL Environmental
Services Ltd. for $5.2 million cash. Operating out of four
facilities in Calgary, Red Deer, Edmonton and Fox Creek, Alberta,
the acquired businesses employ 45 people and generate annual
revenue of approximately $10 million. The Calgary and Edmonton
operations will be integrated into Newalta's existing facilities.


The Hazmat operations include a fleet of 18 vacuum units based in
Edmonton, Calgary and Red Deer and are involved in the
transportation of industrial sludges and waste waters. Newalta is
currently expanding its sludge processing capabilities and the
Hazmat vacuum units will extend Newalta's existing service
offering.

The Waste Logistics operations involve over 1100 bins for solid
waste and contaminated soils generated in the oil and gas
industry. These operations will expand Newalta's existing lugger
bin service operations in these markets. Waste Logistics is also
involved in waste brokerage and on-site waste management,
hazardous waste transportation and site remediation. These
represent opportunities for Newalta to further utilize its
network to expand services to existing customers.

"This is an excellent acquisition for Newalta with services
complementary to our existing operations, and we expect strong
returns on our investment in 2004," said Al Cadotte, President
and Chief Executive Officer of Newalta Income Fund.

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 35 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.