Garda World Security Corporation

Garda World Security Corporation

March 17, 2005 09:00 ET

Garda World Cannot Confirm Acquisition of Universal ATM Services Inc.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GARDA WORLD SECURITY CORPORATION

TSX SYMBOL: GW

MARCH 17, 2005 - 09:00 ET

Garda World Cannot Confirm Acquisition of Universal
ATM Services Inc.

MONTREAL, QUEBEC--(CCNMatthews - March 17, 2005) - Garda World Security
Corporation, (Garda World) (TSX:GW), Canada's leading provider of
security and cash handling services, announces that the conclusion of
its proposed transaction to acquire the shares of Universal ATM Services
Inc. ("Universal") cannot be confirmed at this time.

This announcement comes as a result of Universal's inability to
adequately respond to date to concerns raised by Garda World in the
scope of its due diligence review. In particular, Garda World must be
convinced of Universal's compliance to Generally Accepted Accounting
Principles (GAAP) in the preparation of its financial statements and
thereby also requires clarifications concerning Universal's calculation
as to its working capital and as to advances made to its shareholders.
Garda World is pursuing discussions in view of resolving the situation
but cannot guarantee a successful outcome, as it remains adamant about
obtaining satisfactory representations and warranties on its behalf from
Universal. Under these circumstances, Garda World wishes to reassure its
shareholders that it intends to undertake all necessary measures to
ensure the respect and fulfillment of the parties' contractual
obligations.

About Garda World

Garda World is a well-established leading provider of security and cash
handling services in Canada. The company employs over 8,000 people and
is headquartered in Montreal, with offices from coast-to-coast. The
company is known for its one-stop service offering covering physical
security, cash handling, and electronic security, thus allowing it to
provide fully integrated security solutions. 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
Canadian 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. Website: www.garda.ca.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    GARDA WORLD SECURITY CORPORATION (Investors relations)
    Mr. Stephan Cretier
    President and CEO
    or
    GARDA WORLD SECURITY CORPORATION (Investors relations)
    Mr. Alain Dumont
    Vice-President and CFO
    (514) 937-7487, extension 2235
    1-800-334-2732
    or
    Morin, Public Relations (Media relations)
    Mr. Laird Greenshield
    (514) 393-3252 or (514) 712-3252