FirstService completes two acquisitions

    TORONTO, Feb. 21 /CNW/ - FirstService Corporation (NASDAQ:   FSRV; TSX: FSV
and FSV.PR.U) today announced that it has completed two acquisitions in its
residential property management division. The acquisitions generated
approximately US$40 million in annualized revenues during the last 12 month
period. The terms of these transactions were not disclosed.
    FirstService has acquired Planned Companies, an integrated outsourcing
services company providing real estate facility services to more than
275 residential and commercial clients in the U.S. North-East. This
acquisition complements existing property management operations in the region
and provides another opportunity to extend the services already provided
through its existing operations in this important US regional market.
    FirstService also acquired Grand Shores Management Group located in
Destin, Florida. Grand Shores provides property management services to more
than 5,000 residential units and establishes a regional platform in the
high-growth Florida Panhandle market.
    "A key element of our strategy at FirstService is to augment strong
internal growth with attractive tuck-under acquisitions to drive new regional
growth and further advance our market-leading position" said Jay S. Hennick,
Founder and CEO of FirstService. "Once these new acquisitions are fully
integrated, we intend to leverage our investments by realizing on
opportunities to increase market share and margins in these important
regions," he added.

    About FirstService Corporation
    FirstService is a leader in the rapidly growing property services sector,
providing services in the following four areas: commercial real estate;
residential property management; integrated security and property improvement
services. Industry-leading service platforms include: Colliers International,
the third largest global player in commercial real estate; FirstManagement
Partners, the largest manager of residential properties in North America;
FirstService Security, the fifth largest integrated security company in North
America; and The Franchise Company, the second largest property improvement
services organization in North America.
    FirstService is a diversified property services company with more than
US 1.7 billion in annualized revenues and more than 17,000 employees
worldwide. More information about FirstService is available at


    Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of FirstService, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business conditions, which
will, among other things, impact demand for the FirstService's services,
service industry conditions and capacity; the ability of FirstService to
implement its business strategy, including FirstService's ability to acquire
suitable acquisition candidates on acceptable terms and successfully integrate
newly acquired businesses with its existing businesses; changes in or the
failure to comply with government regulations (especially safety and
environmental laws and regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange Commission and
the Canadian regulatory authorities.

For further information:

For further information: Jay S. Hennick, Founder & CEO, (416) 960-9500;
John B. Friedrichsen, Senior Vice President & CFO, (416) 960-9500

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