Canadian Equipment Rental Fund Limited Partnership Announces Proposed
Acquisition of Two Rental Equipment Operations

TSX Venture Symbol: CFL.UN

CALGARY, Sept. 28 /CNW/ - CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership ("CERF LP" or the "Partnership"), is pleased to announce that it has signed a non-binding letter of intent (the "LOI") to purchase all of the assets of a private Alberta based equipment rental company ("Rentco"). Rentco currently operates two rental, sales and service locations in central and western Alberta. The transaction is expected to be completed by mid November subject to due diligence, financing considerations, approval by the TSX Venture Exchange, other regulatory approvals and other customary conditions. The current management team of Rentco will stay on to manage the operations.

Mr. Wayne Wadley, President of CERF GP Corp. states, "We are excited about this acquisition in that there are several immediate synergies with our 4-Way Equipment Rentals ("4-Way") operations. This acquisition will provide for both 4-Way and Rentco to supply our common customer base with a larger fleet of equipment but also with products which are currently unique to each of the respective operations.

The acquisition also opens up the potential to access each of Rentco's and 4-Way's unique customer bases and introduce products and services not currently provided by that operation. It also gives the CERF LP organization a much larger geographic footprint of operations in the western Alberta corridor that is currently very active with oilfield drilling and construction and maintenance operations."

More information about 4-Way can be found at the Partnership's website; www.4-way.com or on SEDAR.

CERF LP is a public Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF LP trades on the TSX Venture Exchange under the symbol "CFL.UN" and following the foregoing issuances of Units, now has 6,096,450 Units issued and outstanding.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" under applicable securities laws. These statements relate to future events or future performance and are based on the Partnership's current expectations, estimates, projections, assumptions and beliefs. Although the Partnership believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, undue reliance should not be placed on these forward-looking statements. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking information pertaining to the anticipated completion of the acquisition of the assets of Rentco contemplated in the above LOI. All such forward-looking statements involve known and unknown risks and uncertainties, certain of which are beyond the control of the Partnership. The forward-looking statements contained in this press release are made as of the date hereof and the Partnership does not intend, and does not assume any obligation, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information: Wayne Wadley, President and CEO, CERF GP Corp., general partner of CERF LP, Telephone: [phone], E-mail: [email protected]; Ken Stephens, CFO, CERF GP Corp., general partner of CERF LP, Telephone: [phone], Fax: [phone], E-mail: [email protected]