WSP Global Inc.

WSP Global Inc.

August 23, 2007 18:00 ET

GENIVAR Income Fund announces $54 million equity financing

    /Not for distribution to U.S. news wire services or dissemination
    in the U.S./

    MONTREAL, Aug. 23  - GENIVAR Income Fund (TSX:GNV.UN)
("GENIVAR" or the "Fund") today announced that it has agreed to issue
1,902,439 trust units (the "Units") from treasury of the Fund on a bought deal
basis to a syndicate of underwriters led by National Bank Financial Inc.,
Raymond James Ltd. and TD Securities Inc. and also including a syndicate of
underwriters. The Units will be offered at a price of $20.50 per Unit. The
gross proceeds of the offering to the Fund will be $39 million. The Units will
be offered by way of short form prospectus in each of the provinces of Canada,
as well as in the United States under applicable private placement exemptions.
The financing is subject to all normal regulatory approvals and is expected to
close on or about September 13, 2007.
    GENIVAR Inc. will concurrently purchase, directly or indirectly, on a
private placement basis non-subordinate exchangeable LP units (the "LP Units")
from treasury of GENIVAR LP at a price of $20.50 per LP Unit (the "Private
Placement"). The gross proceeds of the Private Placement to the Fund will be
$15 million.
    The net proceeds of the financing will be used for debt repayment and for
general corporate purposes of the Fund.
    The Fund distributes distributable income on a monthly basis to
unitholders of record on the last business day of each month. Payments are
made on or about the 15th day after each record date. The first distribution
that purchasers of the Units offered will be entitled to receive is the
distribution expected to be paid on October 15, 2007 to holders of record on
September 30, 2007 for the period of September 1, 2007 to September 30, 2007.

    This news release shall not constitute an offer to sell or the
solicitation of any offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful. The Units offered will not be and have not been registered under
the United States Securities Act of 1933, as amended (the "U.S. Securities
Act") and may not be offered or sold in the United States except pursuant to
exemptions from the registration requirements of the U.S. Securities Act and
applicable state securities laws.

    Forward Looking Information

    Certain information regarding GENIVAR contained herein may constitute
forward-looking statements. Forward-looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although GENIVAR believes that the
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to have been correct.
These statements are subject to certain risks and uncertainties and may be
based on assumptions that could cause actual results to differ materially from
those anticipated or implied in the forward-looking statements. GENIVAR's
forward-looking statements are expressly qualified in their entirety by this
cautionary statement.

    About GENIVAR

    GENIVAR is a leading Canadian Engineering Services firm providing private
and public sector clients with a comprehensive range of professional
consulting services through all execution phases of a project including
planning, design, construction and maintenance. Clients fall into various
market segments such as building, industrial and power, urban infrastructure,
transportation and environment. GENIVAR is one of the largest Engineering
Services firm in Canada in terms of number of employees with more than
2,000 managers, professionals, technicians and technologists and support staff
in some 40 offices in Canada and internationally.

Contact Information

  • GENIVAR Income Fund: Pierre Shoiry, President
    and CEO, (514) 346-0046; Marcel Boucher, Chief Financial Officer, (514)