Altus Group Income Fund

Altus Group Income Fund

May 15, 2008 08:47 ET

Altus Group Announces Intent to Acquire Certain Assets of UK-Based Cost Consulting Firm

TORONTO, ONTARIO--(Marketwire - May 15, 2008) - Altus Group Income Fund ("Altus") (TSX:AIF.UN) announced today that it has entered into a non-binding letter of intent to acquire the business assets of The Andrews Partnership ("Andrews"). The acquisition is expected to be funded through a combination of cash, bank financing and equity. At this time, the transaction is subject to the satisfactory completion of due diligence and the execution of definitive agreements, and there can be no assurance the transaction will be completed.


"This is an important and exciting milestone for Altus, as we leverage our expertise to broaden our existing international platform," said Gary Yeoman, CEO, Altus Group. "Andrews will provide a skilled group of professionals that will complement our respected, experienced Cost division to create exciting growth opportunities for the future."

Founded in 1991, Andrews is a UK-based Cost Consulting firm with 42 staff in four offices, including Bracknell, Leeds, Southampton and St. Albans. A leader in its field, Andrews offers a comprehensive range of professional services through three primary service lines: Building Surveying; Project Management; and Quantity Surveying, as well as a Health & Safety consulting division. Their clients include commercial, residential and retail owners/developers, as well as pension funds, financial institutions, and also public and government agencies. They have provided consulting and management services on infrastructure projects such as highways, schools and hospitals, as well as factories, retail parks, warehouses, multi-unit buildings, hotels and nursing homes.

"Building on a 50-year reputation of trusted professional advice, we look forward to formalizing a relationship with Andrews that will be key to extending our current UK service offerings," said John Fleming, President, Altus Group Cost Consulting. "We believe this will provide Altus with another strategic foothold for continued expansion."

About Altus Group

Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,100, Altus has 31 offices in 23 cities throughout Canada and 6 offices throughout the UK. Altus operates as: Altus Group Research, Valuation and Advisory; Altus Group Cost Consulting; Altus Group Realty Tax Consulting; Altus InSite; Altus Geocom; Altus Geomatics; and Altus Edwin Hill. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords, as well as companies engaged in the oil and gas industry.

Forward - Looking Statements

Certain statements in this press 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 the Fund and its subsidiary entities, including Altus Group Limited Partnership, Altus Group Limited, Altus Geomatics Limited Partnership and Altus UK LLP, or the industry, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, 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 the Fund's publicly filed documents including the Annual Information Form, Form 51-102F2, dated March 31, 2008 (available on SEDAR at

Those risks and uncertainties include: general state of the economy; reliance on and retention of professionals; ability to maintain profitability and manage growth; competition in the industry; performance of obligations / maintenance of client satisfaction; fixed price and contingency engagements; revenue and cash flow volatility; protection of intellectual property; dependence on multi-residential market; dependence on oil & gas sector; possible acquisitions; interest rate risk; currency risk; credit risk; seasonality and weather; appraisal mandates; economic dependence; restrictions on potential growth; operating risks; risks of future legal proceedings; insurance limits; and legislative and regulatory changes. Given these risks and uncertainties, investors should not place undue reliance on forward looking statements as a prediction of actual results. 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 press release. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Fund 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 press release, and, except in accordance with applicable law, the Fund assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, the Fund undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Fund, its financial or operating results, or its securities.

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