WSP Global Inc.

WSP Global Inc.

July 15, 2008 13:57 ET

GENIVAR Income Fund Increases its Monthly Cash Distributions and Announces the End of its Subordination Period

    MONTREAL, July 15  - GENIVAR Income Fund (TSX:GNV.UN) (the
"Fund") announced today that it has approved a 50% increase in the monthly
distributions of the Fund to $0.125 per unit from $0.0833 per unit. On an
annualized basis this equates to distributions of $ 1.50 per unit. This
distribution increase will be effective for the Fund's July 2008 distribution
that will be payable on August 15, 2008 to unitholders of record on July 31,
    The increase in the monthly distributions is a direct result of the
Fund's solid financial performance, its current financial condition and the
level of activity anticipated for the balance of 2008.
    Of its 39.6% ownership interest in the Fund, GENIVAR Inc. holds 4,731,845
units of GENIVAR LP (accounting approximately for 22% of the distributions
made by the Fund) which were subordinated in accordance with the terms of the
limited partnership agreement of GENIVAR LP. On July 15, 2008, the Audit
Committee of the Fund determined that the subordination period for such units
had terminated in accordance with its terms.

    About GENIVAR

    GENIVAR is a leading Canadian engineering services firm providing private
and public sector clients with a full range of professional consulting
services through all execution phases of a project including planning, design,
construction and maintenance. Its clients, which are of varying sizes, 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 3,000 managers, professionals, technicians and technologists and support
staff in over 60 offices in Canada and abroad.

Contact Information

  • Marlène Casciaro, Director of Communications,
    GENIVAR Income Fund, (514) 340-0046, ext. 5184