Canadian Equipment Rental Fund Limited Partnership Closes the Acquisition of
Waste Disposal and Recycling Assets and Private Placement

TSX Venture Symbol: CFL.UN

CALGARY , Oct. 23 /CNW/ - CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership ("CERF LP"), is pleased to announce that CERF LP, together with its wholly-owned subsidiary The Smart-Way Disposal & Recycling Company Ltd., has completed the previously announced purchase of the assets comprising the entire waste disposal and recycling division of an Edmonton Alberta based corporation. In connection therewith CERF LP has issued 28,333 limited partnership units ("Units") of CERF LP at a deemed price of $3.00 per Unit. In addition, CERF LP has also closed the previously announced private placement of 216,670 Units, at a price of $3.00 per Unit, to certain insiders of CERF LP, for gross proceeds of $650,010 , the proceeds from which were used, in part, to fund the subject asset acquisition. All of the foregoing Units issued are subject to a hold period that expires on February 22, 2010 .

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 6,088,400 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.
    

%SEDAR: 00022335E

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]