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 sustainable development.
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.
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