Newalta Continues Expansion In Quebec

Calgary, Alberta - Newalta Income Fund (Newalta) announced it has entered into an agreement to acquire the hazardous waste and industrial cleaning division of Services Matrec Inc. from TransForce Income Fund for $31.8 million cash.

These operations provide collection, treatment and disposal of industrial wastes; soil and water treatment services; and on-site industrial cleaning services. The division has generated revenue of approximately $20 million on a trailing 12 months basis and includes 130 people and a network of facilities throughout Quebec, including Chateauguay, Laterriere, St. Bruno, Chicoutimi, Quebec City, Boucherville and Trois-Rivieres.

The transaction is subject to normal terms and conditions and is expected to close shortly.

"During the last three months, we have completed three acquisitions in Quebec and Newfoundland adding 250 experienced people and 12 facilities to our coast-to-coast network. We are making excellent progress on our expansion plans into Quebec and Atlantic Canada and continue to pursue additional opportunities at responsible prices," said Al Cadotte, President and Chief Executive Officer of Newalta.

SOURCE: Newalta Income Fund