FirstService Acquires Premier Communities



    Acquisition of leading Residential Property Management company in Dallas,
    Texas adds breadth to North American leader

    TORONTO, June 14 /CNW/ - FirstService Corporation (NASDAQ:   FSRV;
TSX: FSV) announced today that it has further increased the size and breadth
of its rapidly growing residential property management business with the
acquisition of an 80 per cent interest in Premier Communities Management
Company, one of Dallas's largest and most respected providers of residential
property management services and consulting services. Cindy Huey, Founder and
CEO will retain the balance of the equity and will continue to manage
day-to-day operations. Terms of the transaction were not disclosed.
    "Establishing a market-leading position in Dallas has been a strategic
priority for FirstService and our new partnership with Premier Communities is
a major step forward as we accelerate our growth across the southern United
States," said Gene Gomberg, CEO of FirstService Residential Property
Management. "Premier Communities has an enviable leadership position in the
market and a number of excellent long-term customer relationships that the
FirstService team plans to accelerate through new service and product
offerings. We look forward to working with Cindy and her excellent management
team."
    Founded in 1994, Premier Communities contracts with more than 150
community associations representing over 55,000 residential homes in the
greater Dallas, Texas market. With the addition of Premier Communities,
FirstService's residential property management division extends its position
as the leading industry player in the management of luxury hi-rise, active
adult and large-scale homeowner associations in the United States, with more
than 3,700 properties, representing over 800,000 residences. Additional
information on Premier Communities can be found on their website at
www.premiercommunities.net
    "I am very excited about our prospects for both accelerating our internal
growth and pursuing acquisitions to expand our market position with the
support of FirstService," said Cindy Huey, Founder and Chief Executive Officer
of Premier Communities. "Obtaining access to programs, resources and growth
capital from the largest residential property management company in North
America will allow us to expand our product offerings and provide an enhanced
level of services to our clients, while also being able to expand our market
share in the sizeable Texas market. FirstService has an excellent track record
in partnering with companies like ours and then taking them to the next level
of performance."

    About FirstService Corporation
    ------------------------------

    FirstService is a leader in the rapidly growing property services sector,
providing services in the following areas: commercial real estate; residential
property management; property improvement; and integrated security services.
Market-leading brands include Colliers International in commercial real
estate; The Continental Group, The Wentworth Group and The MERIT Companies in
residential property management; Consumer brands California Closets, Paul
Davis Restoration, Pillar to Post Home Inspections, Certa Pro Painters and
Handyman Connection, in property improvement; and Intercon Security and
Security Services & Technologies in integrated security.
    FirstService is a diversified property services company with more than
US$1.5 billion in annualized revenues and more than 16,000 employees
worldwide. More information about FirstService is available at
www.firstservice.com.

    FORWARD-LOOKING STATEMENTS

    Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of FirstService, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business conditions, which
will, among other things, impact demand for the FirstService's services,
service industry conditions and capacity; the ability of FirstService to
implement its business strategy, including FirstService's ability to acquire
suitable acquisition candidates on acceptable terms and successfully integrate
newly acquired businesses with its existing businesses; changes in or the
failure to comply with government regulations (especially safety and
environmental laws and regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange Commission and
the Canadian regulatory authorities.





For further information:

For further information: FIRSTSERVICE CORPORATION: John B. Friedrichsen,
Senior Vice President & CFO, FirstService Corporation, (416) 960-9500; Gene
Gomberg, CEO, FirstService Residential Property Management, (954) 378-2300;
Cindy Huey, Founder & CEO, Premier Communities Management Company, (214)
202-8202

Organization Profile

FIRSTSERVICE CORPORATION

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