IBI Income Fund announces the conclusion of business and legal arrangements for the merger/acquisition of the practice of Bearsch, Compeau, Knudson Architects and Engineers, PC of Binghamton, New York, (BCK)



    TORONTO, Nov. 29 /CNW/ - IBI Income Fund, ("The Fund"), (TSX - IBG.UN)
announced today that all conditions have been waived and business and legal
arrangements concluded to provide for the closing over the next few days of
the merger of the practice of Bearsch, Compeau, Knudson Architects and
Engineers PC of Binghamton, New York, (BCK) within the IBI Group. The
arrangements provide for BCK to continue as qualified registered architects
and engineers in New York within the framework of a partnership of IBI-BCK
Group. IBI is acquiring the assets of BCK in the transaction.
    Phil Beinhaker, Chairman Director and CEO of IBI Group noted that, "Lee
Bearsch, Architect and John Knudson, P.E., together with the other
shareholders and senior members and staff of BCK have established a creative
and competent A&E practice serving the needs of education and other markets in
New York State. The agreements provide for Bearsch and Knudson, together with
all members of the staff to retain employment on BCK projects. The partnership
will not only provide a platform for IBI to grow in New York, but also will
enhance the professional resources of BCK to serve existing and new clients.
Further, IBI's professional expertise in Urban Land, Facilities Development,
Transportation Networks and Systems Technology will expand employment
opportunities in the mid and upstate regions. With integration of BCK and its
total complement of 75 members, IBI now has over 110 professionals in
Educational Facility design, within the total IBI staff of approximately
1,575. IBI professional strength in the North-eastern United States with
operating offices in New York and New England will now exceed
100 professionals."
    Lee Bearsch, Senior Principal - Architect stated that "John and I have
been considering over the past few years the logical next move to grow the BCK
practice while maintaining our standards of excellence. We have been most
impressed with the broad multi-disciplinary nature of IBI and its vision and
professional commitment in serving its clients and society's needs for
excellence in buildings and infrastructure."
    John Knudson, Senior Principal - Engineering stated that, "This merger
offers outstanding opportunities for our colleagues and staff of BCK to grow
their careers, both locally in our base in New York, as well as elsewhere
throughout the IBI network in the USA, Canada and internationally. It will
also afford us the opportunity to expand into other professional areas here
locally".

    BCK is a multi-disciplinary A&E consulting firm providing full research,
planning, design, working drawings and construction phase services for schools
throughout mid and upstate New York, as well as other building types. The firm
also undertakes site planning, and landscape architecture. The firm has been
serving school districts in mid and Upstate New York as well as other clients
in an approximate 150-mile radius of Binghamton for over 25 years.

    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 63% interest
in IBI Group, a partnership, which, directly and through its subsidiary
entities, provides professional services, including planning, design,
implementation, analysis of operations and other consulting services in
relation to four main areas of development, being urban land, building
facilities, transportation networks and systems technology. The remaining 37%
of IBI Group is owned by IBI Group Management Partnership.

    %SEDAR: 00021044E




For further information:

For further information: Allan Kamerman, CFO, IBI Income Fund, 230
Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930;
Lee Bearsch or John Knudson, Bearsch Compeau Knudson Architects & Engineers
PC, 41 Chenango Street, Binghamton, NY, 13901, Telephone: (607) 772-0007

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