WSP Global Inc.

WSP Global Inc.

August 29, 2007 13:54 ET

GENIVAR Income Fund files its preliminary short form prospectus relating to a $50 million equity financing

    IN THE U.S./

    MONTREAL, Aug. 29  - GENIVAR Income Fund (TSX:GNV.UN)
("GENIVAR" or the "Fund") today announced that it has filed its preliminary
short form prospectus relating to the offering of 1,902,439 trust units (the
"Units") from treasury of the Fund on a bought deal basis with a syndicate of
underwriters led by National Bank Financial Inc., Raymond James Ltd. and TD
Securities Inc. and also including BMO Nesbitt Burns Inc. and Cormark
Securities Inc. The Units are being offered at a price of $20.50 per Unit. The
gross proceeds of the offering of the Fund to the public will be $39 million.
The Units are being offered by way of short form prospectus in each of the
provinces of Canada. The financing is subject to all normal regulatory
approvals and is expected to close on or about September 13, 2007.
    GENIVAR Inc., the non-controlling unitholder of the Fund, will
concurrently purchase, directly or indirectly, on a non-brokered private
placement basis, 536,585 non-subordinated exchangeable LP units (the
"LP Units") from treasury of GENIVAR LP, an affiliate of the Fund, at a price
of $20.50 per LP Unit (the "Private Placement"). The gross proceeds of the
Private Placement to GENIVAR LP will be $11 million instead of $15 million as
previously announced on August 23, 2007 as a result of the potential
application to GENIVAR LP of the SIFT Rules contained in Bill C-52 should the
total equity financing be greater than $50 million.

    This news release shall not constitute an offer to sell or the
solicitation of any offer to buy, not 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.

    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 over
2,100 managers, professionals, technicians and technologists and support staff
in 45 offices in Canada and internationally.

Contact Information

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