LISTING: TORONTO STOCK EXCHANGE
TORONTO, March 14 /CNW/ - On February 19, 2007, Bird Construction Income
Fund announced that Bird Construction Company ("BCC") had been appointed by
Alberta Infrastructure and Transportation as the construction manager for the
$147 million Phase 1 Renewal of the existing Royal Alberta Museum in Edmonton.
Upon further review, and in accordance with the Fund's revenue recognition
accounting policies for construction management contracts where the
construction manager is not acting in an agency capacity, the Fund has now
determined that the entire construction value of approximately $147 million
for this project will be included in the Fund's revenue and backlog. The
revenue, including the fixed fee that BCC will receive for its services, will
accrue through the construction period which is expected to commence mid-2007
and be completed in mid-2010.
This press release contains forward-looking statements that involve a
number of risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. Many factors could cause actual
results and developments to differ materially from those expressed or implied
by these forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: P.A. Charette, Chairman and C.E.O., Bird
Construction Company Limited as Administrator of Bird Construction Income
Fund, 5405 Eglinton Avenue West, Suite 206, Toronto, Ontario, M9C 5K6, Phone:
(4l6) 620-7122, Fax: (416) 620-1516