Canadian Equipment Rental Fund Limited Partnership Approves Reorganization
and Related Matters

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 the unitholders of the Partnership have approved, by 100% of the votes cast at the special meeting of the Partnership, all of the matters set out in the management information circular of the Partnership dated August 18, 2010 (the "Circular"), namely, the asset purchase and sale agreement to be dated as of October 1, 2010 between the Partnership, as vendor, and 4-Way Equipment Rentals Corp. ("4-Way"), as purchaser, pursuant to which the Partnership will sell, assign and transfer to 4-Way, all of the Partnership's right, title, estate and interest in and to the entirety of its assets and undertaking including all property, assets, rights and undertaking relating to the business of the Partnership, in consideration for the issuance of Class "A" Common shares in the capital of 4-Way to the Partnership, and 4-Way will become a wholly-owned subsidiary of the Partnership, all as more particularly described in the Circular (collectively, the "Reorganization") as well as the Second Amending Agreement to the Limited Partnership Agreement of the Partnership, as amended, and Amendment No. 1 to the Unit Option Plan of the Partnership. The Reorganization is expected to be completed on or about October 1, 2010. Upon completion of the Reorganization, the Partnership will retain its listing on the TSX Venture Exchange and unitholders will continue to hold their units in the Partnership.

The Partnership anticipates that, after completion of the Reorganization, the dividends paid to it by 4-Way, will, in turn, be distributed by the Partnership to its unitholders, on a quarterly basis, in a manner substantially similar to the quarterly distributions which the Partnership has been making to its unitholders since December 2005.

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 Reorganization. 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.

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 has 6,096,450 Units issued and outstanding.

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]