Altus Group Income Fund

Altus Group Income Fund

November 09, 2007 11:13 ET

Altus Group Announces Intent to Acquire Certain Assets of an Alberta-Based Surveying Business

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2007) - Altus Group Income Fund ("Altus") (TSX:AIF.UN) has informally agreed to acquire the key business assets of Alberta-based Crape Geomatics Corporation ("Crape"). At this time, the transaction is subject to the satisfactory completion of due diligence and the execution of definitive documents and there can be no assurances the transaction will be completed. The acquisition is expected to be funded through a combination of cash, bank financing, the assumption of certain liabilities and limited partnership units.

Acquisition Highlights

Crape, an Alberta-based company that provides an array of survey services, was founded in 1993. Working primarily in the oil and gas and municipal sectors, Crape uses a broad range of disciplines to create detailed and accurate quality digital images to address the individual needs of each client. Crape consistently strives to be the leading expert in geomatics by combining technological innovation with dynamic processes. The company employs 93 staff, comprising 38 field workers, 22 computer-assisted drafting technicians, 7 professional land surveyors, 6 project managers and 20 administrative and supervisory personnel located in offices in Calgary, Edmonton, Grand Prairie and Dartmouth, Nova Scotia.

"We believe this acquisition complements our Geomatics division and adds further depth of experience and innovative expertise to the organization," said Gary Yeoman, Chief Executive Officer of Altus Group. "With this move, Altus Group is demonstrating its commitment to seize strategic opportunities whenever they arise, to expand and extend our best-in-class services."

About Altus

Altus Group Income Fund is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 950, Altus has a Canadian national network of 27 offices in 22 cities throughout Canada and 6 offices throughout the UK. Altus operates: Altus Group Research, Valuation and Advisory; Altus InSite; Altus Helyar Cost Consulting; Altus Derbyshire Realty Tax Consulting; Altus Geomatics; Altus Clayton; and Altus Edwin Hill Altus UK LLP. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged 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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