XS Cargo Income Fund Announces Redemption of Units and Wind-up of the Fund

Further to the completion of the plan of arrangement pursuant to which XS Cargo
Income Fund (TSX VENTURE:XSC.UN) (the "Fund") sold all of its interest in XS
Cargo Limited Partnership and XS Cargo GP Inc. and no longer has any operating
assets, it is anticipated that the Fund will be wound-up and terminated
effective June 15, 2011. In connection therewith, the units of the Fund will be
delisted from the TSX Venture Exchange at the close of trading on June 15, 2011,
and each unit will be redeemed for $0.7263 cash.


Forward-Looking Statements

Certain statements contained in this document constitute forward-looking
statements or information (collectively "forward-looking statements") within the
meaning of the "safe harbour" provisions of applicable securities legislation.
Forward-looking statements are typically identified by words such as "will" and
"expect" and similar words suggesting future events or future performance. In
particular, this document contains forward-looking statements pertaining to the
date the Fund is to be wound-up and terminated and de-listed from the TSX
Venture Exchange, and the amount to be paid on redemption of the units. Although
the Fund believes that the expectations reflected in the forward-looking
statements contained in this document, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be no assurance
that such expectations will prove to be correct. Readers are cautioned not to
place undue reliance on forward-looking statements included in this document, as
there can be no assurance that the plans, intentions or expectations upon which
the forward-looking statements are based will occur. By their nature,
forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will not occur. The
forward-looking statements contained in this document speak only as of the date
of this document. Except as expressly required by applicable securities laws,
the Fund does not undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. The forward-looking statements contained in this document
are expressly qualified by this cautionary statement.