Garda World Security Corporation
TSX : GW

Garda World Security Corporation

November 14, 2005 09:00 ET

GARDA WORLD ANNOUNCES ITS FIRST TRANSACTION IN THE UNITED STATES WITH THE ACQUISITION OF UNITED ARMORED SERVICES

MONTREAL, QUEBEC--(CCNMatthews - Nov. 14, 2005) - Garda World Security Corporation (TSX:GW), Canada's leading provider of security and cash handling services, is pleased to announce today that it has entered into an agreement to acquire United Armored Services, its first transaction and business development effort in the United States.

United Armored Services is the largest armored services company operating in the Midwestern United States, and the sixth largest nationally. This transaction, expected to close by the end of the year, is contingent upon the satisfaction of certain standard conditions.

For the last 35 years, United Armored Services has been managing the currency and valuables of the largest financial institutions; retailers; and federal, state and local governments in the Midwestern United States. Strategically headquartered in Broadview, Illinois, a suburb of Chicago, the company has annual revenues of US$ 40 million.

With its 600 employees, United Armored Services provides a wide range of services, including secured cash/valuable commodities transportation, ATM service and technical support, cash processing services, currency and coin processing as well as coin wrapping. Services are offered with a fleet of more than 250 vehicles. UAS provides a full service ATM program for thousands of automatic teller machines as well as a full range of vaulting services. The company operates from nine locations in Illinois, Wisconsin, Iowa and Indiana.

"It is with great satisfaction that we announce such an acquisition that nicely complements our expansion and growth objectives in North America," indicates Stephan Cretier, President and CEO of Garda. "More importantly, it is the first step in the very lucrative Midwestern region, with its vast population of more than 27 million people and annual GDP of more than US$ 1 trillion. Our vision is to participate, as we are doing in Canada, in the consolidation of a fragmented market."

Robin Miles, President of United Armored Services for the past four years, has agreed to be part of the strategic development of Garda in the U.S. "United Armored Services and Garda will continue to provide superior levels of performance, professionalism and customer-focused attitude with our services. Garda is focused at becoming one of the key players in North America, and I'm pleased to have the opportunity to be part of it," he said.

The purchase price is US $13 million. Garda World will also assume certain debts including capital leases. This transaction is expected to have a positive impact on next year's results.

About Garda World

Garda World is a well-established leading provider of security and cash handling services. The company employs over 10,000 people and is headquartered in Montreal, with offices from coast-to-coast in Canada as well as with nine locations in the U.S. - Illinois, Wisconsin, Iowa and Indiana. The company, known for its Total Security Solutions approach, is covering physical security, cash handling, investigation, employment background check and electronic security services. Renowned for its competence in addressing the most complex security issues, Garda World has built a solid reputation among companies in both traditional and new-economy industries. Garda World plays an active role in the consolidation of the security market. Through a series of strategic acquisitions and strong internal growth, Garda World is recognized as one of the fastest growing companies in Canada. With its unique competitive position - a leading market presence in Canada and one-stop service offering - Garda World is set to take full advantage of its positive growth for its customers and shareholders alike. Garda World is also the sole shareholder of Keyfacts, Canada's largest provider of search and retrieval services for investigative purposes. Website: www.garda.ca

Contact Information

  • Garda World Security Corporation
    Nathalie de Champlain
    Vice President Communications
    (514) 281-2811 x2800 or (800) 859-1599 x2800
    www.garda.ca
    or
    Morin Public Relations
    Laird Greenshields
    (514) 289-8688