WesternOne Inc.'s Modular Building Division Completes Acquisition of Business Interest in Australia

WesternOne Inc.'s Modular Building Division Completes Acquisition of Business
                            Interest in Australia

PR Newswire

VANCOUVER, Jan. 18, 2013

VANCOUVER, Jan. 18, 2013 /PRNewswire/ - WesternOne Inc. ("WesternOne") (TSX:
WEQ, WEQ.DB.B, WEQ.DB.C) today announced that its modular building division,
Britco LP ("Britco"), has completed the purchase of the Australian Portable
Buildings group of companies ("APB") along with Black Diamond Group Ltd.
("Black Diamond") (TSX: BDI). The aggregate purchase price was A$72.5 million
(the "Acquisition"), with Britco paying A$31.4 million for 80% of APB's
manufacturing business and 10% of APB's leasing business. Black Diamond
purchased the remaining interests in the manufacturing and leasing businesses.
The purchase is subject to customary post-closing adjustments including net
asset adjustments. Britco funded the purchase from existing working capital
and a banking facility.

APB manufactures and leases  modular buildings throughout Australia  including 
in  Sydney  (New  South  Wales),  Brisbane  (Queensland)  and  Perth  (Western 
Australia).  It  serves  the  mining,  resource,  commercial,  industrial  and 
government industry sectors and designs and builds a wide variety of temporary
and permanent buildings including workforce accommodations, office  complexes, 
classrooms, health care facilities, switch rooms and a variety of construction
site offices.

Britco's management expects  the Acquisition to  be accretive to  WesternOne's 
shareholders based on its  projections of annual EBITDA  of A$5.3 million  for 
its interest in APB's business for the 2013 fiscal year.

Britco intends to operate in Australia under the name "APB Britco" to  reflect 
a  combination  of   two  well-established   modular  building   manufacturing 

"We are delighted to complete  this acquisition - it establishes  WesternOne's 
and Britco's  presence in  a strategic  market beyond  North America,"  stated 
Darren Latoski, CEO of  WesternOne. "Australia is one  of the world's  largest 
markets for modular buildings due to the significant investments in energy and
infrastructure. Britco APB is well-positioned  for future growth in  Australia 
by offering not only design-build capabilities but also turn-key  construction 
project management services in the modular building market."

Subsequent to the Acquisition, APB's manufacturing business will be held by an
Australia-based corporation that is an indirect subsidiary of Britco.

Non-IFRS Measures

References in this press release to "EBITDA" are to earnings before  interest, 
income taxes, depreciation, amortization,  gain/loss on financial  derivatives 
relating to changes in the fair market value of the fixed interest rate  swap, 
business acquisition and income trust conversion costs, convertible  debenture 
issuance costs, gain/loss  on convertible  debentures relating  to changes  in 
their fair market values,  gain/loss on trust unit  issuances relating to  the 
conversion of convertible debentures, gain/loss on exchangeable units relating
to changes  in  their fair  values,  share based  compensation,  dividends  to 
shareholders, foreign  exchange  gains/losses,  write-down  of  fleet  assets, 
intangible assets and goodwill,  and franchise termination  fees. EBITDA is  a 
measure used by many investors to compare  issuers on the basis of ability  to 
generate cash  flow  from  operations.  EBITDA  is  not  an  earnings  measure 
recognized by International Financial  Reporting Standards ("IFRS"), does  not 
have standardized meanings prescribed by IFRS and is therefore unlikely to  be 
comparable to  similar  measures  presented  by  other  issuers.  WesternOne's 
management believes  that  EBITDA  is an  important  supplemental  measure  in 
evaluating WesternOne's performance  and in determining  whether to invest  in 
its common shares.

Readers of this information are cautioned that EBITDA should not be  construed 
as an alternative  to: (i) net  income or loss  determined in accordance  with 
IFRS as an  indicator of  WesternOne's performance;  or (ii)  cash flows  from 
operating, investing  and financing  activities  as measures  of  WesternOne's 
liquidity and cash flows. WesternOne's method of calculating EBITDA may differ
from the methods used by  other issuers and, accordingly, WesternOne's  EBITDA 
may not be comparable to similar measures presented by other issuers.

Forward-Looking Information

Certain statements  in this  press  release may  constitute  "forward-looking" 
information that involves  known and  unknown risks,  uncertainties and  other 
factors, and  it may  cause  actual results,  performance or  achievements  or 
industry  results,  to  be  materially  different  from  any  future  results, 
performance or achievements or industry  results expressed or implied by  such 
forward-looking information. Forward-looking information is identified by  the 
use of terms and phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will", "would",  and 
similar  terms  and  phrases,   including  references  to  assumptions.   Such 
information includes, without limitation,  statements with respect to  capital 
investments in the energy and  infrastructure sectors in Australia,  projected 
EBITDA for Britco's interest in  APB's business, Britco's growth potential  in 
Australia, APB's ability to serve  the modular buildings market in  Australia, 
the intention  to  use  the  business  name  "APB  Britco"  in  Australia  and 
post-closing adjustments  including net  asset adjustments.  Actual events  or 
results may differ materially.

Forward-looking information  contained  in  this press  release  is  based  on 
certain key  expectations  and  assumptions  made  by  WesternOne,  including, 
without limitation, expectations  and assumptions respecting:  the outlook  of 
the global economy  and WesternOne's  business in Western  Canada, the  United 
States and  Australia, the  supply and  demand for  WesternOne's products  and 
services and management's assessment of future plans and operations.  Although 
the forward-looking information contained in this press release is based  upon 
what the  WesternOne's  management  believes  to  be  reasonable  assumptions, 
WesternOne cannot assure investors that actual results will be consistent with
such information. Forward-looking information reflects current expectations of
management regarding future events and operating performance as of the date of
this  press  release.   Such  information  involves   significant  risks   and 
uncertainties, should  not be  read  as guarantees  of future  performance  or 
results, and will not  necessarily be accurate indications  of whether or  not 
such results will be achieved. A number of factors could cause actual  results 
to differ  materially  from  the  results  discussed  in  the  forward-looking 
information, and  a description  of these  factors can  be found  under  "Risk 
Factors" in  WesternOne Equity  Income Fund's  Annual Information  Form  dated 
March 29, 2012  and Management's  Discussion and Analysis  dated November  14, 
2012, which are available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified in its
entirety by this  cautionary statement.  Forward-looking information  reflects 
management's current beliefs and is  based on information currently  available 
to WesternOne. The forward-looking information is made as of the date of  this 
press release and WesternOne  assumes no obligation to  update or revise  such 
information to reflect new events or circumstances, except as may be  required 
by applicable law.

About WesternOne

WesternOne seeks  to  acquire  and  grow companies  in  the  construction  and 
infrastructure services  sectors  in  order to  generate  stable  and  growing 
dividends for its shareholders and to achieve capital appreciation.

Additional  information  about  WesternOne  is  available  at  www.weq.ca   or 

About Britco

Britco is  the  one  of  the largest  providers  of  temporary  and  permanent 
residential and commercial modular buildings in  North America and has one  of 
the largest lease fleets  of office complexes,  construction site offices  and 
storage containers in Western Canada. Through its investment in the Australian
Portable Buildings  group of  companies, Britco  now has  approximately  1,000 
employees and is  one of  the largest  modular construction  companies in  the 
industry with  ten  manufacturing facilities  located  in Canada,  the  United 
States and Australia. Britco  is a leading design-builder  of a wide range  of 
innovative modular buildings  for companies  in the  construction, energy  and 
resource sectors in Western Canada, the  United States and Australia. One  of 
the largest  and fastest  growing construction  companies in  Western  Canada, 
Britco is headquartered in Langley, British Columbia.

Additional information about Britco is available at www.britco.com.


SOURCE WesternOne Equity Income Fund


Carlos Yam, Chief Financial Officer
WesternOne Inc.
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 678-4042
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