Altus Group Income Fund

Altus Group Income Fund

March 20, 2007 10:01 ET

Altus Group Announces Intent to Acquire Certain Assets of a Saskatchewan-Based Surveying Business

TORONTO, ONTARIO--(CCNMatthews - March 20, 2007) - Altus Group Income Fund ("Altus") (TSX:AIF.UN) announced today that it has informally agreed to acquire the key business assets of Saskatchewan-based Condon Survey Group Inc., ("Condon"). 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 and limited partnership units.

Acquisition Highlights

Condon, a Saskatchewan-based company that provides an array of survey services, was founded in 1969. The company employs 45 staff, comprising 25 field workers, 10 Computer Assisted Drafting technicians and 10 administrative and supervisory personnel, and currently has offices in Regina, Weyburn, Swift Current and Yorkton. With a focus on the oil and gas and municipal sectors, Condon's vision is to become the leading provider of survey services to Saskatchewan's growing resource-based economy.

"This acquisition advances our strategy of achieving a dominant national presence as the provider of choice of independent real estate consulting and professional advisory services," said Gary Yeoman, Chief Executive Officer of Altus Group. "Condon not only adds depth to our expertise in the field of surveying, it allows us to expand the geographic reach of our other real estate services into Saskatchewan."

About Altus

Altus Group Income Fund is the leading multidisciplinary provider of independent real estate consulting and advisory services in Canada. With a staff of over 780 professionals, Altus has a national network of offices in 18 cities and operates as: Altus Helyar Research, Valuation and Advisory; Altus InSite; Altus Helyar Cost Consulting; and Altus Derbyshire Realty Tax Consulting, All West Surveys, Altus Ezra and Altus Clayton. 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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