IBI Income Fund Announces the Acquisition of Architectural Practice in Educational Facilites.TORONTO -- IBI See Information Builders. Income Fund (the "Fund") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :IBG IBG Informatie Beheer Groep (Netherlands) IBG Institute of British Geographers IBG International Biometric Group IBG Interbank GIRO (General Interbank Recurring Order) IBG Inter-Block Gap IBG Interblock Gap .UN) announced today the closing of the acquisition by IBI Group and IBI Group Architects of the firm of Grey-Noble & Grey-Noble, Architects ("GN") as of August 31, 2005. The GN practice, comprising some 10 people led by Norman Grey-Noble and Helen Grey-Noble, specializes in education facilities throughout Southern Ontario as well as internationally. GN also provides programming and other consultative services in educational facilities. Norm and Helen Grey-Noble commented that "IBI's extensive network of offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and internationally will enable us to further our aims in expanding the application of our expertise in the design of educational facilities throughout Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. as well as augment our current international activity." Phil Beinhaker, Chairman Director and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of IBI Group and IBI Group Architects noted that "Norman and Helen Grey-Noble have an outstanding reputation in the design of educational facilities. IBI has a record of significant assignments for university and college level facilities, and the addition of Norman and Helen's expertise at the primary and secondary school levels will extend and augment IBI's work." GN operates out of its office in Newmarket which is convenient for serving its clients in the region surrounding Toronto. This office will continue and, in addition, the GN practice and the skills of its professional staff will be integrated into the Toronto and Ottawa offices of IBI Group Architects, as well as the other offices of IBI Group Architects throughout Southern Ontario. Transaction Highlights - Adds complementary architectural capabilities in the field of educational facilities - The transaction is expected to be immediately accretive to the Fund's distributable cash by approximately 1%. Acquisition Financing This acquisition was funded by IBI Group out of its operating line with its bank lender. The Fund's current plan is that following the successful completion of a number of additional acquisitions, it will complete a public offering of additional units, the proceeds of which will be used in part to repay the indebtedness incurred in connection with the acquisition of GN. ABOUT IBI INCOME FUND The Fund is a TSX listed income trust, which pays monthly distributions and trades under the symbol "IBG.UN". The Fund holds an indirect 50% interest in IBI Group, a partnership which provides professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , including planning, design, implementation, analysis of operations and other consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology. The remaining 50% of IBI Group is owned by IBI Group Management Partnership. NON-GAAP MEASURE Distributable cash does not have a standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. meaning prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , but is a measure generally used by Canadian open-ended income funds as an indicator of financial performance. The Fund describes distributable cash as net earnings before interest, depreciation, amortization, income taxes and after interest paid, capital expenditures, taxes paid and contributions to any reserves that the trustees of the Fund deemed to be reasonable and necessary for the operation of the Fund. The Fund's method of calculating distributable cash may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to distributable cash as reported by such entities. Management of the Fund believes that distributable cash is a useful supplemental measure that may assist readers in assessing their return on an investment in units. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "believe", "anticipate", "project", "plan" and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Fund with the securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities in all of the provinces and territories of Canada to which recipients of this press release are referred for additional information concerning the Fund, its prospects and the risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Fund and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Fund to be materially different form those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information contained in this press release is current only as of the date of the press release. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future event or otherwise. IBI Income Fund (TSX:IBG.UN) |
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