MONTREAL, Jan. 23, 2012 /CNW Telbec/ - GENIVAR Inc. (TSX: GNV)
("GENIVAR" or the "Company") is pleased to announce the acquisition of
Consultores Regionales Asociados S.A.S. ("CRA"), an engineering firm of
340 people based in Bogotá, Colombia, with additional offices in
Medellin and Barranquilla. Active in civil engineering, environment,
energy and telecommunications, CRA is expected to contribute 2012 net
revenues of approximately CDN $10 million to GENIVAR.
"We are pleased with this acquisition, which is an integral part of our
international growth strategy. We have been working in Colombia for the
past two years and we have come to appreciate the opportunities offered
by this country. In line with our emerging market strategy, we have
identified CRA, a top tier Colombian firm in terms of size and
reputation, as being the ideal platform in the region to build and grow
our activities in all our market segments. Indeed, CRA meets all of our
criteria with a reputation of great client service, a broad portfolio
of projects as well as a strong management team," stated Pierre Shoiry,
President and Chief Executive Officer of GENIVAR. "Our objective is to
develop a long-term local presence in Colombia and expand in the
neighboring countries where we see good growth potential," he added.
"GENIVAR is the perfect alliance for us. GENIVAR's experience and
reputation will enhance CRA's capacity to bid on larger projects,
enabling us to compete with international firms. We believe that
uniting our teams will create tremendous opportunities for both our
clients and employees," said Pedró Rojas Castro, President of CRA.
ABOUT CONSULTORES REGIONALES ASOCIADOS
Established in 1976, CRA offers services in civil engineering,
environment, energy and telecommunications. The firm's activities are
framed within the principles of social responsibility and commitment to
ABOUT GENIVAR INC.
GENIVAR is a leading Canadian consulting services firm providing private
and public-sector clients with a full range of professional consulting
services through all project phases, including planning, design,
construction and maintenance. Ranging in size, its clients operate in
various market segments, including the building, industrial and energy,
municipal infrastructure, transportation and environmental sectors.
GENIVAR is one of the largest engineering services companies in Canada
by number of employees, with more than 5,000 managers, professionals,
technicians, technologists and support staff in over 100 cities in
Canada and internationally.
Certain information regarding 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 believes 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 forward-looking statements are expressly
qualified in their entirety by this cautionary statement. The complete
version of the cautionary note regarding forward-looking statements as
well as a description of the relevant assumptions and risk factors
likely to affect GENIVAR's or CRA's actual or projected results are included in the Management's Discussion and Analysis for the three
and nine-month period ended October 1, 2011 and the year ended December
31, 2010, which are available on SEDAR at www.sedar.com.
The information set out herein with respect to CRA's forecasted
contribution to GENIVAR's 2012 net revenues is financial outlook within
the meaning of applicable securities laws. The purpose of this
financial outlook is to provide readers with information about
management's current expectations for 2012, and are based on
information currently available to management, including on CRA's
average revenues for 2010 and 2011. Readers are cautioned that this
financial outlook may not be appropriate for other purposes. The
forward-looking statements contained in this press release are made as
of the date hereof and GENIVAR does not assume any obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise unless expressly required by
applicable securities laws.
Additional Information - Supplemental Non-IFRS Measures
GENIVAR presents a supplemental non-IFRS measure, net revenues. This
measure does not have any standardized meaning prescribed by IFRS and
therefore is unlikely to be comparable to similar measures presented by
other Canadian companies. GENIVAR believes this measure is useful
supplemental information that may assist investors in assessing an
investment in shares. This measure should be considered in addition to,
and not as a substitute for, revenues and other measures of financial
performance and liquidity reported in accordance with IFRS. Net
revenues is defined in the glossary at the end of GENIVAR's
Management's Discussion and Analysis for the three and nine-month
period ended October 1, 2011. When required, net revenues will be reconciled to revenues (as
determined in accordance with IFRS) in GENIVAR's financial statements.
SOURCE GENIVAR INC.
For further information:
President and Chief Executive Officer
Tel: (514) 340-0046, ext. 5104
Director, Communications and Investor Relations
Tel: (514) 340-0046, ext. 5648
Pedró Rojas Castro
Consultores Regionales Asociados S.A.S.
Tel: (571) 610-8899