Altus Group Income Fund

Altus Group Income Fund

September 18, 2008 08:44 ET

Altus Group Announces Consultancy Service Agreement with IRR-Residential, LLC

TORONTO, ONTARIO--(Marketwire - Sept. 18, 2008) - Altus Group Income Fund ("Altus") (TSX:AIF.UN) announced today that it has agreed to terms to engage the services of IRR-Residential, LLC, an established residential appraisal and management firm, to identify opportunities and support Altus' efforts in the U.S. to provide residential collateral valuation expertise and products through technology platform solutions. IRR-Residential, one of the largest U.S. residential appraisal companies, is owned in part by certain members of Integra Realty Resources. Subject to the completion of due diligence, a binding letter agreement will be executed.

"With more than 45 affiliate offices across the United States, IRR-Residential has a broad base that will help Altus identify and evaluate possible acquisition opportunities for future growth," said Gary Yeoman, CEO, Altus Group. "With an increasing importance being placed on the independent nature of mortgage appraisals, this agreement allows Altus to take advantage of this opportunity to extend and strengthen our platform in the United States."

IRR-Residential's independently-owned and operated affiliate offices provide lenders with local knowledge, experience and quality appraisals. All affiliate offices are headed by a Managing Director with a track-record of demonstrated success in their local market with a dedication to providing high-quality services to their clients.

"We are excited about the opportunity to work with Altus Group, a well-respected firm recognized as a growing industry leader," said John Wood, President and COO, IRR-Residential. "Our strong client relationships will help us to identify strategic growth opportunities for Altus."

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 1,300, Altus Group has 30 offices in 23 cities throughout Canada and 8 offices throughout the UK. We operate as: Altus Research, Valuation and Advisory; Altus Cost Consulting; Altus Realty Tax Consulting, Altus Geomatics; Altus InSite; Altus Geocom; Altus Edwin Hill; and Altus Andrews. 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.

About IRR-Residential

Kansas City based IRR-Residential is a national residential valuation services company providing services in all 50 states. IRR-Residential provides valuation services through its 48 franchise affiliate offices in 42 markets and 21 states and through an appraiser fee panel for areas beyond affiliate coverage. IRR-Residential is an outgrowth of Integra Realty Resources, the largest independent commercial real estate valuation and consulting services organization in the United States.

For more information, visit or call 913-261-1800 or Peggy Mackinnon, Peggy Mackinnon Communications at (303) 905-5005.

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. 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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