Altus Group Income Fund

Altus Group Income Fund

May 23, 2006 11:19 ET

Altus Group Announces Intent to Acquire Certain Assets of Montreal-Based Real Estate Consulting Firm

TORONTO, ONTARIO--(CCNMatthews - May 23, 2006) - Altus Group Income Fund ("Altus") (TSX:AIF.UN) announced today that it has agreed to indirectly acquire certain assets of Montreal-based Roy Sanche Gold & Associates ("RSGA"). The transaction is subject to certain conditions precedent, including satisfactory completion of due diligence and the execution of definitive documents.

RSGA is a professional real estate consulting firm with offices in Quebec. RSGA has been in business since 1982, and currently employs more than 25 people. The company provides complete and specialized appraisal and tax management services to the commercial, industrial and hospitality sectors of the real estate market in Quebec.

"We are very excited about the proposed transaction with RSGA," said Gary Yeoman, Chief Executive Officer of Altus. "One of the cornerstones of Altus is the strength of our property tax and valuation practices, which, following the transaction with RSGA, will become both stronger and more diversified in the province of Quebec."

"This is an excellent opportunity for everyone at Roy Sanche Gold and Associates," commented RSGA partner Neil Gold. "Joining forces with a national industry leader such as Altus will allow us to expand our current service mix, increase our level of expertise and broaden both our client and information bases."

Altus anticipates paying the purchase price with cash on hand. It is expected that the transaction will close in the first week of June.

About Altus

Altus Group Income Fund is the leading independent multidisciplinary provider of real estate consulting and advisory services in Canada. The company operates as: Altus Helyar Research, Valuation and Advisory; Altus InSite; Altus Helyar Cost Consulting; Altus Derbyshire Realty Tax Consulting and Altus All West Surveys. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and participants in the oil and gas industry.

Certain statements in this news release may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Altus and its subsidiary entities, including Altus Group Limited Partnership and Altus Group Limited, or the industry, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in Altus' publicly filed documents (which are available on SEDAR at Those risks and uncertainties include: the ability to maintain profitability and manage growth; reliance on and retention of professionals; competition; performance obligations and client satisfaction; fixed price and contingency engagements; collectibility of accounts receivable; general state of the economy; possible acquisitions; possible future litigation; interest rate fluctuations; insurance limits; legislative and regulatory changes; revenue and cash flow volatility; operating risks; residential market risk; protection of intellectual property; appraisal mandates; restrictions on growth. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Altus cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and, except in accordance with applicable law, Altus assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, Altus undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus, its financial or operating results, or its securities.

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