N E W S B U L L E T I N FROM: …

 N E W S               B U L L E T I N
                         FROM:
                                                                   RE:     Headwaters Incorporated
                                                                           10653 South River Front Parkway, Suite 300
                                                                           South Jordan, UT 84095
                                                                           (801) 984-9400
                                                                           NYSE: HW

FOR FURTHER INFORMATION

     AT THE COMPANY:                                                 AT FINANCIAL RELATIONS BOARD:
     Sharon Madden                                                   Tricia Ross
     Vice President of Investor Relations                            Analyst Contact
     (801) 984-9400                                                  (213) 486-6540

     FOR IMMEDIATE RELEASE:
     January 22, 2008

            Headwaters Incorporated Schedules Fiscal First Quarter 2008
                      Earnings Release and Conference Call
     SOUTH JORDAN, UTAH ­ Headwaters Incorporated (NYSE:HW) will announce financial
     results for the fiscal first quarter 2008 ended December 31, 2007, before the market opens on
     Tuesday, January 29, 2008. Following the release, Headwaters will host a conference call with a
     simultaneous webcast at 11 a.m. Eastern/9 a.m. Mountain to discuss the company's financial
     results and business outlook. The conference call will feature Chairman and Chief Executive
     Officer Kirk A. Benson and Chief Financial Officer, Steven G. Stewart. The call will be
     available live via the Internet by accessing the company's Web site at www.headwaters.com and
     clicking on the Investor Relations section. To listen to the live broadcast, please go to the Web
     site at least 15 minutes early to register, download and install any necessary audio software.

     For those who cannot listen to the live broadcast, an online replay will be available for 90 days
     on www.headwaters.com, or a phone replay will be available through February 5, 2008, by
     dialing 800-405-2236 or 303-590-3000 and entering the pass code 11107648.

     About Headwaters Incorporated

     Headwaters Incorporated is a world leader in creating value through innovative advancements in
     the utilization of natural resources. Headwaters is a diversified growth company providing
     products, technologies and services to the energy, construction and home improvement
     industries. Through its alternative energy, coal combustion products, and building materials
     businesses, the Company earns a growing revenue stream that provides the capital needed to
     expand and acquire synergistic new business opportunities.

     Forward Looking Statements

     Certain statements contained in this press release are forward-looking statements within the meaning of federal securities laws
     and Headwaters intends that such forward-looking statements be subject to the safe-harbor created thereby. Forward-looking
     statements include Headwaters' expectations as to the managing and marketing of coal combustion products, the production and
     marketing of building materials and products, the production and marketing of cleaned coal, the production and marketing of
hydrogen peroxide, the licensing of resid hydrocracking technology and catalyst sales to oil refineries, the availability of refined
coal tax credits, the development, commercialization, and financing of new technologies and other strategic business
opportunities and acquisitions, and other information about Headwaters. Such statements that are not purely historical by
nature, including those statements regarding Headwaters' future business plans, the operation of facilities, the availability of
feedstocks, and the marketability of the coal combustion products, building products, cleaned coal, hydrogen peroxide, catalysts,
and the availability of tax credits, are forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995 regarding future events and our future results that are based on current expectations, estimates, forecasts, and
projections about the industries in which we operate and the beliefs and assumptions of our management. Actual results may
vary materially from such expectations. Words such as "expects," "anticipates," "targets," "goals," "projects," "believes,"
"seeks," "estimates," "plans," variations of such words and similar expressions, are intended to help identify such forward-
looking statements. Any statements that refer to projections of our future financial performance, our anticipated growth and
trends in our businesses, and other characterizations of future events or circumstances, are forward-looking. In addition to
matters affecting the coal combustion products, building products, and alternative energy industries or the economy generally,
factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the
factors described in the caption entitled "Risk Factors" in Item 1A in Headwaters' Annual Report on Form 10-K for the fiscal
year ended September 30, 2007, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses.

Although Headwaters believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of
its business and operations, there can be no assurance that our results of operations will not be adversely affected by such
factors. Unless legally required, we undertake no obligation to revise or update any forward-looking statements for any reason.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this
press release. Our internet address is www.headwaters.com. There we make available, free of charge, our annual report on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, as soon as
reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our reports can be accessed
through the investor relations section of our web site.