Winroc acquires Leon's, Ontario's largest distributor of insulation and drywall

TSX: SPF.UN    

CALGARY, April 11 /CNW/ - Superior Plus Income Fund (the "Fund") is
pleased to announce that Winroc, a division of Superior Plus Inc., has entered
into an agreement to purchase Leon's Insulation Inc. and associated entities
("Leon's"), for $48.5 million on a debt free basis, subject to certain
adjustments. The transaction will be financed from available term bank credit
facilities and is expected to be accretive to unitholders.
Leon's is Ontario's largest distributor of drywall, insulation and
associated products. Its operations are primarily conducted from two locations
in Burlington and Stouffville, Ontario. Leon's was founded in 1956 and has
grown profitably, with revenues of $95 million for the twelve months ended
December 31, 2004.
In commenting on the acquisition, Paul Vanderberg, President of Winroc,
stated that "Leon's distribution operations are well positioned to service a
strong market in the Greater Toronto Area ("GTA") and for future growth north
and east of GTA. Leon's will continue to be operated by existing management
and its 140 employees. This acquisition together with Winroc's recent
acquisition of Interior Building Supplies ("IBS") with locations in Windsor,
London and Cambridge, provide further diversification to Winroc's distribution
operations and expanded penetration in Ontario."
Geoffrey N. Mackey, President and CEO of Superior Plus Inc., added:
"Winroc has been a strong performer, contributing $14.4 million of
distributable cash flow to Superior's 2004 results, since its acquisition in
June 2004. With the Leon's and IBS acquisitions, Winroc has developed a strong
market presence in Ontario, the largest regional market in Canada, and
continues to be focused on becoming a leading specialty building products
distributor in North America for the benefit of our unitholders."
The Fund holds 100% of Superior Plus Inc., which has four operating
divisions: Superior Propane is Canada's largest distributor of propane,
related products and services; ERCO Worldwide is a leading supplier of
chemicals and technology to the pulp and paper and water treatment industries;
Winroc is the seventh largest distributor of walls and ceilings construction
products in North America; and Superior Energy Management provides natural gas
supply services, predominantly to commercial and industrial markets in
Ontario.
The Fund's trust units trade on the Toronto Stock Exchange (the "TSX")
under the trading symbol SPF.UN. There are 76.9 million trust units
outstanding. The Fund has $11.6 million principal amount of Series 1, and
$86.8 million of Series 2, 8% Convertible Unsecured Subordinated Debentures
outstanding, that trade on the TSX under the trading symbols SPF.DB and
SPF.DB.A, respectively.

Forward Looking Statements: Except for the historical and present factual
information, certain statements contained herein are forward-looking. Such
forward-looking statements are not guarantees of future performance and
involve a number of known and unknown risks and uncertainties which may cause
the actual results of the Fund or Superior Plus Inc. in future periods to
differ materially from any projections expressed or implied by such    
forward-looking statements and therefore should not be unduly relied upon. Any
forward-looking statements are made as of the date hereof and neither the Fund
nor Superior Plus undertakes any obligation to publicly update or revise such
statements to reflect new information, subsequent events or otherwise.

Non-GAAP Measures: Distributable cash flow of the Fund available for
distribution to Unitholders, is equal to the cash flow from operations before
changes in net working capital, after provision for maintenance capital
expenditures. Distributable cash flow is the main performance measure used by
management and investors to evaluate the performance of the Fund, Superior and
its operating divisions. Readers are cautioned that distributable cash flow is
not a defined performance measure under Canadian Generally Accepted Accounting
Principles ("GAAP"), and that distributable cash flow cannot be assured. The
Fund targets to pay out substantially all of its ongoing sustainable
distributable cash flow through regular monthly distributions. The Fund's
calculation of distributable cash flow may differ from similar calculations
used by comparable entities.