GENIVAR Income Fund Acquires Magnate, a Canadian Telecommunications Engineering Firm



    MONTREAL, Sept. 2 /CNW Telbec/ - The GENIVAR Income Fund ("GENIVAR") is
pleased to announce the acquisition of Magnate Engineering & Associates Inc.
and Magnate Communications Corp. ("Magnate"), a telecommunications engineering
firm with 70 employees based in Ontario and British Columbia.
    "I am very pleased to welcome Magnate within the GENIVAR family," said
Pierre Shoiry, GENIVAR's President and CEO. "Magnate will significantly
strengthen and complement our telecommunications services while boosting our
sector team to more than 200 employees in Canada. This strategic acquisition
positions us as a key national player providing a full range of services, from
engineering, design, site acquisition, project management and installation to
wireless, fibre optic and cable industry services," he added. "The
telecommunications industry is very active in Canada and abroad, and Magnate
will provide significant momentum as GENIVAR reinforces its capabilities," he
concluded.
    "Joining forces with GENIVAR will foster our development. We will also be
better able to expand our services through GENIVAR's national and
international operations network," said Elizabeth Stanmore, President and
Deborah Kingston, Vice-President of Magnate. "Our growing clientele will
benefit from GENIVAR's one-stop approach to engineering and project
management. We found in GENIVAR the strategic partner to take Magnate to the
next level of its development," they added.

    About Magnate

    Established in 1999, Magnate has 70 employees at its offices in Brampton,
Ontario and Surrey, British Columbia. The firm has an extensive portfolio of
completed projects throughout Canada and United States. It designed and
managed major projects for utilities, transportation authorities, wireless and
wireline providers, municipalities and electricity companies. It also designed
the first information technology project in Toronto as part of the Group of
experts on "smart community" put in place by the Federal Government. Magnate's
clients include both carriers and vendors such as Rogers Wireless, Bell
Mobility, TELUS Mobility, Greater Toronto Airports Authority, TeraGo Networks,
Cogeco Date Services (formerly Toronto Hydro Telecom), Cogeco Cable, Shaw
Communications, Comcast Cable Communications, and Cox Communications.

    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 project phases, including planning, design,
construction and maintenance. Clients operate in various market segments,
including buildings, industrial and power, municipal infrastructure,
transportation and the environment. GENIVAR is one of the largest engineering
services firms in Canada with more than 3,800 managers, professionals,
technicians and technologists and support staff at more than 70 locations in
Canada and abroad. www.genivar.com




For further information:

For further information: Pierre Shoiry, President and Chief Executive
Officer, GENIVAR Income Fund, (514) 340-0046, ext. 5104; Marlene Casciaro,
Director of Communications, GENIVAR Income Fund, (514) 340-0046, ext. 5184;
Elizabeth Stanmore, President, Magnate Engineering & Associates Inc., (905)
799-8220

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GENIVAR Inc.

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