WOODSTOCK, Ont., (Feb. 23, 2004) — Contrans Income Fund today announced that it intends to acquire, through its direct operating entities, Elgin Cartage Limited of London, Ont.

Contrans has executed a letter of intent and is finalizing due diligence reviews of the purchase of Elgin — a truckload carrier, primarily in the business of hauling dry waste between Southern Ontario and Michigan. Elgin also transports other bulk commodities in dump and liquid trailers. The deal is expected to close on March 1, 2004.

The trucking business of Elgin recorded revenues of approximately $21 million in its most recent fiscal year ended September 30, 2003. Contrans — whose trucking operations include Laidlaw Carriers, Brookville Carriers, and Tri-Line Freight Systems — says it intends to operate the company as an independent unit with its existing management and staff.

“Elgin is a great fit for Contrans on all accounts, and we’re particularly pleased with the addition of Elgin’s people and a new type of business,” Contrans CEO Stan Dunford said in a press release. “Industrial dry waste transportation has been regarded as a non-cyclical business, and Elgin’s reputation for exceptional service firmly positions Elgin as a premium carrier in this market. The other bulk and liquid transportation services currently offered by Elgin will complement our existing businesses, and we expect some operating efficiencies will result.”