Optimistic outlook at CERF despite decline in revenue

June 1, 2010 – Canadian Equipment Rental Fund Limited Partnership (CERF) has announced the results for the three months ended March 31, 2010. CERF posted about $3.9 million in revenue for the first quarter of 2010, compared with revenues of $4.2 million for the same period in 2009.

Wayne Wadley, president of CERF, is optimistic about the rest of 2010, despite the decrease in revenue.

"Early indications of an economic recovery cause us to believe that 2010 will be a better year for the Partnership," said Wadley. "According to the Edmonton Construction Association, there were 33% more posted projects between January and March 2010 as compared to the same period in 2009. We have seen a 12% increase in rental revenues for the quarter ended March 2010 compared to the quarter ended December 2009. Contractors are optimistic about the year ahead with further recovery anticipated towards the last quarter of 2010 and continuing into 2011. There is more activity in housing construction as the builders have sold most of their inventory and the threat of rising interest rates is motivating buyers. Our refractory customers are experiencing increased work levels as they are busy with scheduled plant turn around projects. Certain oilfield service clients are also seeing renewed demand for their services. Indications from commercial contractors are that bidding has increased and that the projects they are bidding on are more substantial than in 2009. Federal Government infrastructure spending is starting to take hold as the lag time for permitting and approvals have now passed and projects can advance to the building phase.

Finally, the waste disposal and recycling business we acquired in October 2009 is showing great promise. At present we are experiencing high demand for our recycling and disposal services."

CERF is an Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF trades on the TSX Venture Exchange under the symbol "CFL.UN" and currently has 6,096,450 units issued and outstanding.

Full details of the Partnership's results, in the form of the unaudited financial statements for the three months ended March 31, 2010 and Management's Discussion and Analysis of the results dated May 27, 2010 are available on SEDAR at www.sedar.com and on the Partnership's website www.cerflp.com .