Altus Group Income Fund

Altus Group Income Fund

February 01, 2007 14:25 ET

Altus Group Finalizes the Acquisitions of Alberta-Based Ezra Consultants Ltd. and Toronto-Based Clayton Research Associates Limited

TORONTO, ONTARIO--(CCNMatthews - Feb. 1, 2007) - Altus Group Income Fund ("Altus Group") (TSX:AIF.UN) announced today that it has formally concluded agreements to indirectly acquire the businesses of both Ezra Consulting Ltd, ("Ezra Consulting") and Clayton Research Associates Limited ("Clayton Research") for a combined value of approximately $9,250,000. Altus Group financed these acquisitions with cash and bank financing and by issuing units of Altus Group Limited Partnership.

"We are pleased to have finalized our acquisitions of Ezra Consulting and Clayton Research," said Gary Yeoman, Chief Executive Officer of Altus Group. "This move is part of our targeted growth strategy designed to enhance the specialized services that Altus Group is uniquely positioned to offer clients."

Ezra Consulting, an Alberta-based company that provides environmental services to the Forestry and Energy sectors, was founded by Paul Folkmann in 1995 and currently employs 19 professionals. Servicing the Natural Resources sector, Ezra Consulting is a leading provider of land use management, mapping and field services.

"All of us at Ezra Consulting, as well as our clients, will benefit from the synergies that will be realized through our new relationship with Altus Group," said Paul Folkmann, President of Ezra Consulting. "We are excited by our vision for the future with Altus Group that will see us expand our services and broaden our geographic profile."

Clayton Research comprises a group of urban and real estate economists and market analysts that specialize in real estate market analysis, land use planning issues, consumer spending and borrowing research, and building products demand. Clayton Research currently employs 14 people. Over the years Clayton Research has gained a reputation for intelligent and independent analysis and advice, based on extensive in-house expertise, a unique information base, leading edge analytical techniques and an extensive network throughout Canada.

"We are very excited about becoming part of the exceptional multi-disciplinary team at Altus Group," stated Frank Clayton, President of Clayton Research. "The opportunity to provide tax assessment, valuation and cost consulting, alongside our economic and real estate market expertise, within a single company, will prove to be of real benefit to all of our clients."

About Altus Group

Altus Group Income Fund is the leading independent multidisciplinary provider of real estate consulting and advisory services in Canada, with a staff of over 770 professionals. Altus has a national network of offices in 24 cities and operates as: Altus Helyar Research, Valuation and Advisory, Altus Helyar Cost Consulting, Altus InSite and Altus Derbyshire Realty Tax Consulting and Altus All West Surveys. Altus Group's 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 Group 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 Group's 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 Group 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 Group assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, its financial or operating results, or its securities.

Contact Information