Superior Plus Reaches Agreement to Sell JW Aluminum

CALGARY, Nov. 8 /CNW/ - Superior Plus Income Fund (the "Fund") announced today that Superior Plus LP, through its wholly-owned subsidiary Superior Plus US Holdings Inc., has entered into a definite agreement to sell all of the issued and outstanding shares of JW Aluminum Holding Company ("JWA"), for a total cash consideration of US $310 million (approximately Cdn. $350 million) on a cash and debt free basis to Wellspring Capital Management LLC. Closing of the acquisition is subject to normal regulatory and commercial closing conditions and is anticipated to be completed in December, 2006. Closing is not conditional on any financing or due diligence condition.
   
JWA is a leading manufacturer of specialty, flat-rolled aluminium products, primarily servingthe heating, ventilation and air conditioning, building and construction, and flexible packaging end-use markets in the United States. The intention to sell JWA had been announced in July of 2006 as
part of the Fund's strategic plan to use the proceeds to reduce debt levels and focus on its Canadian based businesses.
   
Grant Billing, Chairman and Chief Executive Officer of Superior Plus, said "We are very pleased that an agreement to dispose of our investment in JWA could be reached expeditiously. This is another milestone with respect to the implementation of our strategic plan designed to maximize Unitholder value and achieve long-term stability and value based growth. The proceeds from the sale of JWA will lower our senior debt to 1.8 times EBITDA and total debt level to 3.3 times EBITDA as at September 30, 2006, on a proforma basis adjusted for the disposition of JWA."
   
RBC Capital Markets and TD Securities acted as exclusive financial advisors to the Fund in relation to the sale of JWA.