CERF INCORPORATED Announces Preliminary Unaudited Financial Results for the Year Ended December 31, 2013

Mr. Wayne Wadley, President of CERF Incorporated (TSX VENTURE:CFL) (the
"Company" or "CERF"), is pleased to announce preliminary selected unaudited
financial and operating results for the Company for the year ended December 31,
2013. The financial information contained herein is based on management's
estimates and has not been approved by the Company's Audit Committee or Board of
Directors, nor has it been audited or reviewed by the Company's Auditors. 


Full details of the Company's financial results, in the form of the audited
consolidated financial statements and notes thereto for the year ended December
31, 2013 and Management's Discussion and Analysis of the results are expected to
be available on or about April 29, 2014 on SEDAR at www.sedar.com and on the
Company's website at www.cerfcorp.com.


Selected Highlights of the year ended 2013 include:



--  Revenue increased 38% to $46,757,000 for the year ended December 31,
    2013 versus the year ended December 31, 2012; 
    
--  Net income increased 1,094% to $3,129,000 or $0.23 per share, basic in
    2013 versus $262,000 or $0.02 per share in 2012; 
    
--  Adjusted EBITDA increased 64% to $13,027,000 for the year ended December
    31, 2013 versus $7,960,000 for 2012. Further, EBITDA per share, basic in
    2013 was $0.96 versus $0.76 in 2012; 
    
--  The Company paid dividends of $0.24 per share to shareholders in 2013
    while reducing the annualized payout ratio to 52% from an annualized
    payout ratio of 76% in 2012; 
    
--  Adjusted free cash flow generated during 2013 was $6,521,000 compared to
    adjusted free cash flow of $3,214,000 in 2012; 
    
--  Long term debt was reduced by $7,789,000; and 
    
--  Debt to equity was improved to a ratio of 0.95 to 1.00 from a 2012 debt
    to equity ratio of 2.05 to 1.00. 



Summary of fourth Quarter and Year to Date Unaudited Consolidated Financial Results:



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In C$,000's                                                                 
 except                                                                     
 percentages                                                                
 and per            Q4      Q4       $    %      YTD     YTD       $       %
 shares data      2013    2012  change          2013    2012  change        
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Revenue         12,522  11,252   1,270   11%  46,757  33,770  12,987     38%
Direct                                                                      
 Expenses        9,260   8,346     914   11%  34,687  27,159   7,528     28%
Gross Margin %     26%     26%            0%     26%     20%              6%
Net Income       1,005     669     336   50%   3,129     262   2,867  1,094%
Net income per                                                              
 share, basic     0.06    0.06       -    0%    0.23    0.02    0.21   1050%
Adjusted                                                                    
 EBITDA          3,629   3,372     257    8%  13,027   7,960   5,067     64%
Adjusted Free                                                               
 Cash Flow       2,006   1,937      69    4%   6,521   3,214   3,307    103%
Trailing 12                                                                 
 Month payout                                                               
 ratio                                           52%     76%           (24)%
Dividend per                                                                
 share            0.06    0.06       -    0%    0.24    0.24       -      0%
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Mr. Wadley, President & CEO makes the following comments:

"In early March, Statistics Canada filed their employment data that showed that
Alberta now accounts for 87% of all the jobs created in the country year over
year. Alberta added 82,300 jobs in 2013 and the unemployment rate has declined
from 4.6% in 2012 to 4.3% in 2013. Alberta's 2013 GDP was 3.3% with population
growth of 3.5% and Alberta is expected to reach 4.3 million persons by 2016.
This heightened level of economic activity in the Province throughout 2013 is
reflected in our record 2013 year end results. 


Looking ahead, the Alberta Government's 2014 Capital Plan in their recently
announced budget predicted that their infrastructure spending is expected to be
$19.2 billion over the next three years with $5.1 billion for municipal
infrastructure, $5 billion for provincial highways, $2.6 billion for health care
facilities and $2.5 billion for schools. According to the Statistics Canada
January 2014 report, there are over $1 billion of residential and
non-residential building permits issued in the Edmonton and Calgary metropolitan
areas alone. 


The high level of economic activity in Alberta and specifically in the Edmonton
area market where CERF operates bodes well for the continued work load and the
growth from our diverse customer base. Locally, there are eleven major strategic
projects confirmed ranging from the new NHL arena project with an estimated $6
billion of redevelopment surrounding it, downtown arts area development,
southeast and northwest light rail transit expansion, an energy and technology
park in the south, and the former Municipal Airport redevelopment project to
name a few. Our market research indicates that we need to aggressively bolster
our construction rental fleet to meet the future demand of our customers. This
is why we recently added an incremental $3.6 million (almost doubling) to our
original growth capital budget for 2014. The bulk of this capital will be
dedicated to expanding 4-Way's equipment fleet. Our total capital investment
this year is expected to be $11.3 million, of which $4.0 million will be
maintenance capital, with the remaining $7.3 million will be growth capital. 


Increased economic activity in Alberta creates the potential for increased
placement of special waste (impacted soils) and construction debris into our
managed landfill facilities, thereby generating more revenue and profit for our
waste and environmental division. We have added three facility management
contract extensions in this division for various periods up to five years, with
combined projected future revenue of approximately $23 million over the
extension period. 


The cold winter in Alberta and North America has had positive effects on CERF.
Firstly, the local demand for our construction heater fleet has been
exceptional. At times the heater fleet was fully utilized. Heat equipment
accounts for over 20% of our rental fleet. Increased utilization translates into
increased profitability. Secondly, and perhaps more importantly from a long term
perspective, natural gas storage inventories have declined significantly. At the
end of February 2014, United States natural gas storage levels were 40% below
last year and 35% below the five year average. Alberta natural gas storage
levels have also dropped dramatically and have caused the AECO spot price to
jump well beyond $4.30/Gigajoule from the $3.00/Gigajoule range over that past
couple of years. Permitting for the construction of liquefied natural gas
("LNG") plants on the west coast of Canada has reached 14.6 billion cubic
feet/day ("bcf/d") of exports to primarily Southeast Asian markets. For
perspective, Canada's total current production is 12.7 bcf/d. The National
Energy Board on March 20, 2014 granted approval to export up to a further 1.55
bcf/d to the United States for LNG export. This diversification of markets bodes
well for increasing demand for Canadian natural gas and a more sustainable
pricing regime. 


The WTI oil price continues to hover around the $US99/barrel range and
importantly for Canadian producers; the differential of the Canadian dollar has
fallen to about $0.90 US. Canadian oil and natural gas exports are priced in US
dollars so there is currently a 10% premium paid on those commodities. With
rising prices, increased demand and a favorable currency differential, oil and
natural gas producers should have increased revenues and cash flows for
development in 2014 and beyond. As a result, we should see increased drilling
and completion activity which would positively impact CERF oilfield rentals." 


CERF Incorporated trades on the TSX Venture Exchange under the symbol "CFL" and
currently has 16,134,441 shares issued and outstanding.


Forward-Looking Statements

Certain statements included or incorporated by reference in this press release
constitute forward-looking statements or forward looking-information.
Forward-looking statements or information may contain statements with the words
"anticipate", "believe", "expect", "plan", "intend", "estimate", "propose",
"budget", "project", "would have realized', "may have been" or similar words
suggesting future outcomes or expectations. Although the Company believes that
the expectations implied in such forward-looking statements or information are
reasonable, undue reliance should not be placed on these forward-looking
statements because the Company can give no assurance that such statements will
prove to be correct. Forward-looking statements or information are based on
current expectations, estimates and projections that involve a number of
assumptions about the future and uncertainties, such as the continued growth of
Alberta economy resulting in additional revenues for the Company and that the
increase in oil and natural gas prices will lead to increased drilling activity
and that increased drilling activity will result in increased oilfield and
construction rental revenue for CERF and that the increase in capital spending
on CERF's rental fleets will result in increased rental revenues in the future.
These uncertainties could cause actual results to differ materially from those
anticipated. For this purpose, any statements herein that are not statements of
historical fact may be deemed to be forward-looking statements. Such risks and
uncertainties include, but are not limited to: general economic conditions,
industry conditions, weather conditions, commodity prices, currency fluctuations
and competition from other equipment rental companies. The forward-looking
statements or information contained herein are made as of the date hereof and
the Company assumes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new contrary
information, future events or any other reason, unless it is required by any
applicable securities laws. The forward-looking statements or information
contained in this press release are expressly qualified by this cautionary
statement.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CERF Incorporated
Wayne Wadley
President and CEO
[phone]
[e-mail]


CERF Incorporated
Ken Stephens
CFO
[phone] ext 347
[phone] (FAX)
[e-mail]
www.cerfcorp.com