Garda World Security Corporation

Garda World Security Corporation

October 17, 2006 08:00 ET

Garda Continues its U.S. Midwestern Expansion with the Acquisition of the Armored Division of American Security

MONTREAL, QUEBEC--(CCNMatthews - Oct. 17, 2006) - Garda World Security Corporation (TSX:GW), a global leader in security and investigations services, announced today that it has acquired the assets of the armored division of American Security, L.L.C., one of the largest independently owned security companies in the U.S. Midwest, located in St. Paul, Minnesota.

American Security, L.L.C., established in 1959, provides armored car courier, ATM maintenance, change order, and vault fund services namely in Minnesota, Colorado, and Wisconsin. With annual revenues of more than US$25 million and over 465 employees, the firm has a loyal client base in several industries including finance and banking, manufacturing, healthcare, education and retail. American Security L.L.C. will continue to operate its uniformed security and building maintenance divisions under its existing name.

"This acquisition complements our current operations, furthers our strategic expansion in the Midwest, and enables us to be even more responsive and flexible in meeting the diverse needs of our customers," said Patrice Boily, Senior Vice President and COO of Garda.

This is Garda's fifth acquisition in the U.S. Midwest cash handling sector. The division has annual revenues now exceeding US$100 million, more than 1,200 employees, a fleet of over 400 armored vehicles, as well as 44 branches located in Illinois, Wisconsin, Iowa, Indiana, Minnesota, Montana, Wyoming, Utah, Idaho, Washington, Colorado, Nevada, North Dakota, Oregon, and Nebraska.

The purchase price is US $13 million and will be paid through existent credit facilities. This transaction became effective on October 1, 2006 and is expected to have a positive impact on Garda's financial results as of the fourth quarter of the current year.

About Garda

Garda is well known for addressing complex security and investigations issues. As a well-established leading provider in security services, Garda is recognized as one of the fastest growing companies in North America, with offices from coast-to-coast in Canada, as well as in the United States, Mexico, and Europe. With a team of 20,000 employees, Garda offers integrated solutions in cash handling, physical security, consulting and investigations, and pre-employment screening. Its team includes specialists and some of the most highly qualified and best-trained professionals in the industry. For more information:

FORWARD-LOOKING INFORMATION -- This press release contains forward-looking statements reflecting Garda objectives, estimates, expectations and the impact of acquisitions on Garda's financial performance. These statements are identified by the use of verbs such as "believe", "anticipate", "estimate", and "expect" as well as by the use of future or conditional tenses. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Garda's projections or expectations.

Contact Information

  • Garda World Security Corporation
    Nathalie de Champlain
    Vice President, Communications
    514-281-2811 x 2800 or 1-800-859-1599 x 2800
    Cell.: 514-830-2800
    Morin Public Relations
    Laird Greenshields
    514-289-8688 x 221 or 877-289-7007
    Cell: 514-712-3252