CALGARY, ALBERTA--(Marketwire - Oct. 10, 2008) - Foremost Income Fund (the "Fund") (TSX:FMO.UN) today announces the sale of its Indianapolis, Indiana based geotechnical drill rig product line, which was sold by the Fund's subsidiary, Mobile Drilling Company, Inc. The product line was a small non-core segment of the Fund's overall business and was challenging to manage from afar. This $5 million asset based divestiture will allow the Fund to further improve its strong balance sheet. The gain of approximately $1.6 million will be reflected in the Fund's 2008 fourth quarter financial results. The Fund is an unincorporated open end mutual fund trust conducting its business through Foremost Universal LP ("Universal") and Foremost Industries LP ("Foremost"). The Fund derives its operational income from both Universal and Foremost....
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