CALGARY, ALBERTA -- (Marketwire) -- 08/30/12 -- James T. Grenon reports that on August 29, 2012 he acquired 1,633,551 trust units of Foremost Income Fund (the "Fund"), representing 8.6% of the outstanding trust units of the Fund. Together with trust units owned directly or indirectly by Mr. Grenon previously, he now owns, directly or indirectly, 11,622,421 trust units representing 61.8% of the outstanding trust units of the Fund.

The additional trust units were acquired by Mr. Grenon on the enforcement of a security interest over the trust units granted by a third party, as borrower, in 2006 in connection with indebtedness owed to Mr. Grenon by the borrower. Mr. Grenon will hold the trust units initially for investment purposes. Mr. Grenon will evaluate his investment in Foremost from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease holdings of the Fund's trust units as circumstances require.

Mr. Grenon is filing an early warning report in connection the acquisition. A copy of the related early warning report may be obtained from the SEDAR website (www.sedar.com) or by contacting Craig Bell at 403.571.4464.