TORONTO, ONTARIO--(Marketwire - Jan. 10, 2013) - Altus Group ("Altus") (TSX:AIF) today announced that Mark Kingston, President of ARGUS and Chief Knowledge Officer of Altus Group, will be leaving the company. Mike Abramsky, Chief Technology Officer of Altus Group will assume interim responsibility for ARGUS and the team. In addition, Altus announced the departure of several members of the ARGUS management team.
"Having joined ARGUS in 2003, Mark has been a technology leader in the commercial real estate software industry, and I am grateful for the significant contributions he and the departing team members have made," said Bob Courteau, CEO of Altus Group. "The products and services that ARGUS delivers, including the recently launched ARGUS Enterprise 9.0, offer incredible power to the market. We expect to further enhance our market leading position at ARGUS, while continuing our investments in innovative products and services. We'll also further leverage the strategic alignment of ARGUS across all of Altus."
"I am proud of what the team has accomplished at ARGUS, and remain enthusiastic regarding the potential of the important combination of ARGUS and Altus. ARGUS' industry-leading financial analysis products remain the standard in the real estate market," Kingston said. "I have decided to step down to spend more time on special projects of interest to me, including my charitable foundation, Messengers of Love."
Other departures at ARGUS Software include Chief Administrative Officer, Managing Director, Global Solutions and Vice President of Industry Relations. These changes are effective immediately. In conjunction with these changes, Altus Group expects to post a Q1 restructuring charge.
About ARGUS Software
ARGUS Software is the leading provider of software and solutions for analyzing and managing the value of real estate investments worldwide. ARGUS Software has a world-class user base, consisting of over 90,000 users, and has been focused solely on the commercial real estate segment for over 20 years. The ARGUS Software portfolio includes industry-standard products, including ARGUS Enterprise 9, the most robust asset management solution in a single, integrated platform.
About Altus Group Limited
Altus leads the global real estate industry in offering professional real estate advisory services, data solutions and intelligence about an organization's assets, generating a wealth of knowledge and insight. With a staff of over 1,700, Altus has a network of over 50 offices in a number of countries worldwide, including Canada, the United Kingdom, the United States, Australia and China. We operate five interrelated Business Units, bringing years of experience and a broad range of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Realty Tax Consulting, Geomatics and ARGUS Software. 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 information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "intend" and other similar terminology. Forward-looking information includes, but is not limited to, expectations with respect to the products and services offered by ARGUS Software and its integration with other Altus divisions. The forward-looking information reflects Altus' and management's current expectations, beliefs and assumptions regarding future events and operating performance and is based on information currently available to management. The assumptions made in making certain projections include, but are not limited to, the success of product development and launch initiatives, the supply and demand for ARGUS' products and services and the execution of certain business strategies. Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors which could cause actual results, performance or achievements of Altus to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include: general state of the economy; competition in the industry; currency risk; reliance on larger software transactions with longer and less predictable sales cycles; success of new product introductions; ability to respond to technological change and develop products on a timely basis; ability to maintain profitability and manage growth; protection of intellectual property or defending against claims of intellectual property rights of others; and performance of obligations/maintenance of client satisfaction; legislative and regulatory changes; risk of future legal proceedings; insurance limits; income tax matters; as well as those described in Altus' publicly filed documents, including the Annual Information Form (which are available on SEDAR at www.sedar.com). Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results.