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MONTREAL, May 27 /CNW Telbec/ - GENIVAR Income Fund (the "Fund") is pleased to announce that at the annual and special meeting of the unitholders of the Fund ("Unitholders") held today in Montreal, the Unitholders approved the previously announced plan of arrangement under section 192 of the Canada Business Corporations Act involving GENIVAR Inc. and the Fund (the "Arrangement") pursuant to which the Fund will combine with GENIVAR Inc. and convert from an income trust structure to a publicly-traded corporation to be named GENIVAR inc. ("New GENIVAR").
The Arrangement has also been approved by the shareholders of GENIVAR Inc. ("Shareholders") at the annual and special meeting of the Shareholders held today in Montreal, immediately prior to the annual and special meeting of the Unitholders.
The Unitholders and the Shareholders have also approved the adoption of a long-term incentive plan for New GENIVAR.
As set out in the Fund's management information circular dated April 15, 2010, the Fund will appear before the Superior Court of Québec in order to obtain a final order with respect to the plan of arrangement on June 14, 2010.
Subject to, and conditional upon the closing of the Arrangement, it is expected that the common shares of New GENIVAR will commence trading on the Toronto Stock Exchange under the symbol "GNV" on or about January 1, 2011.
The Fund also announced today that Alexandre J. L'Heureux, CA, CFA, has been appointed as Chief Financial Officer effective July 1st, 2010. "I am very pleased to welcome Alexandre L'Heureux as our new CFO of GENIVAR Income Fund. Alexandre has a strong finance background with solid international experience gained over 13 years in senior finance positions in the investment, life and science industries, as well as in consulting services," mentioned Pierre Shoiry, President and CEO of GENIVAR Income Fund. Mr. L'Heureux holds a Bachelor of Science with a major in Accounting, as well as a minor in Economics from the University of Quebec in Montreal. He is a member of the Canadian Institute of Chartered Accountants and a member of the CFA Institute. Mr. L'Heureux will succeed Marcel Boucher who will remain with GENIVAR as Executive Vice-President. "Marcel has made a solid contribution to our success over the past 9 years. Our succession plan ensures we will have a smooth transition as Marcel will continue with us with the mandate of closing the conversion, managing risk and working on our mergers and acquisitions," added Mr. Shoiry.
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 buildings, industrial and energy, municipal infrastructure, transportation and environment. GENIVAR is one of the largest engineering services firm in Canada in terms of number of employees with more than 4,300 managers, professionals, technicians and technologists and support staff in over 80 locations in Canada and abroad. www.genivar.com
Forward Looking Information
Certain information regarding GENIVAR, the Arrangement and New GENIVAR contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although GENIVAR and New GENIVAR believe that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. GENIVAR's and New GENIVAR's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
SOURCE GENIVAR Inc.
For further information: For further information: Pierre Shoiry, President and CEO, GENIVAR Income Fund, (514) 340-0046, ext. 5104; Marlene Casciaro, Director of Communications, GENIVAR Income Fund, (514) 340-0046, ext. 5184