Canadian Equipment Rental Fund Limited Partnership Announces Proposed
Acquisition of Waste Management Company

TSX Venture Symbol: CFL.UN

CALGARY, Sept. 23 /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") for the purchase of a private Alberta based integrated waste management company (the "Company"). The Company currently has five business units namely, landfill operations and management, waste collection and transfer services, waste facility construction services, environmental services and waste management client services for both the public and private sectors. The LOI contemplates CERF LP issuing 855,000 limited partnership units ("Units") of CERF LP at a deemed price of $2.50 per Unit plus an additional cash consideration of $3,562,500 for a total purchase price of $5,700,000 subject to closing adjustments. The Company currently generates about $1,800,000 in annual EBITDA. The transaction is subject to due diligence, financing considerations, approval of the TSX Venture Exchange, other regulatory approvals and other customary conditions. The current owners and management of the Company are expected to 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 available with our wholly owned subsidiary, The Smart-Way Disposal and Recycling Company Ltd. ("Smart-Way") operations. We can now vertically integrate the waste management and recycling strategies of the Company with our own Smart-Way operations. This provides the Company with a potentially larger source of waste and recycling products through their managed facilities from the existing Smart-Way customer base. Also, the Company's waste collection and transfer services will immediately add needed size and depth to Smart-Way's existing high demand roll-off bin fleet in the Edmonton area.

Another positive aspect of the acquisition is the long term nature of the Company's waste facility management contracts. The Company was first founded in 1972 and currently receives over 90% of its revenue from contracts that extend for as long as 15 years. This adds another level of stability to CERF LP's mandate of growing the organization while still providing assurance of future distributions.

The current owners of the Company are taking a significant portion of the purchase consideration in CERF LP Units, and therefore they will remain fully engaged in the operation of the Company and will work closely with Smart-Way and the 4-Way Equipment Rentals operations of the Partnership to ensure successful integration and growth."

More information on Smart-Way can be found on the internet at www.smart-waydisposal.com and 4-Way Equipment Rentals at www.4-way.com.

CERF LP is an 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 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]