Canadian Equipment Rental Fund L.P. ("CERF") announces new listing

CALGARY, July 8 /CNW/ - Affirm Capital Inc. (the "Corporation" or
"Affirm") announced on June 23, 2005 that it has successfully completed the
previously announced acquisition of limited partnership units of Canadian
Equipment Rental Fund Limited Partnership ("CERF LP") as its qualifying
transaction pursuant to Policy 2.4 of the TSX Venture Exchange Inc.
("Exchange"). Concurrently with the closing of the acquisition of the limited
partnership units, CERF LP acquired all of the operating assets and assumed
all of the liabilities of 4-Way Equipment Rentals Ltd. ("4-Way"), an
established equipment rental firm based in Edmonton, Alberta.
Pursuant to the terms of the transaction (the "Qualifying Transaction"),
Affirm subscribed for 1,036,300 limited partnership units of CERF LP (the "LP
Units") from treasury for an aggregate purchase price of $1,036,300, being
$1.00 for each LP Unit. Concurrently therewith, 4-Way sold all of its
operating assets and goodwill to CERF LP for an aggregate purchase price of
$2,600,000 payable by the issuance of 2,100,000 LP Units to 4-Way and a long
term note payable in the amount of $500,000, subject to post-closing
adjustments.
The LP Units acquired by Affirm have been distributed to the registered
shareholders of Affirm on the basis of 0.18117 LP Units for each common share
of Affirm. Affirm has been delisted from the Exchange and proceedings are
being taken to dissolve its corporate existence. The LP Units distributed to
Affirm shareholders have been listed on the Exchange under the trading symbol
"CFL.UN".
CERF LP, through its general partner CERF GP Corp., will carry on the
longstanding business operations of 4-Way under the 4-Way name. 4-Way has been
operating in the Edmonton and northern Alberta areas since 1975 in the
business of providing equipment solutions to the construction, refractory,
sandblasting and industrial maintenance sectors. 4-Way had total revenues of
$4,122,000 for the 11 months ending March 31, 2005 compared to year ended
April 30, 2004 of $3,532,000.
CERF LP intends to make a cash distribution in 2005 and then adopt a
policy of quarterly cash distributions commencing in 2006. The LP Units will
be qualified investments for registered retirement savings plans, registered
retirement income funds and deferred profit sharing plans.

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