GENIVAR Income Fund Announces Closing of $50,000,000 Equity Financing


    MONTREAL, Oct. 2 /CNW Telbec/ - GENIVAR Income Fund (TSX :GNV.UN)
("GENIVAR" or the "Fund") announced today the closing of its previously
announced public offering of 1,391,650 units of the Fund (the "Units") for
gross proceeds of approximately $35,000,000 (the "Offering") and the private
placement of 596,421 exchangeable LP units (the "LP Units") of GENIVAR Limited
Partnership ("GENIVAR LP") for gross proceeds of approximately $15,000,000
(the "Private Placement").
    The Offering and the Private Placement will result in net proceeds to the
Fund of approximately $47,750,000 which will be used to repay a portion of the
bank advances under GENIVAR's credit facilities.
    The Units were offered through an underwriting syndicate led by TD
Securities Inc., National Bank Financial Inc. and Raymond James Ltd. and also
including BMO Nesbitt Burns Inc., CIBC World Markets Inc., Blackmont Capital
Inc. and Cormark Securities Inc.
    This press release shall not constitute an offer to sell or the
solicitation of any offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful. The Units offered will not be and have not been offered or sold
in the United States.

    About GENIVAR

    GENIVAR is a leading Canadian engineering services firm providing private
and public sector clients with a full range of professional consulting
services through all execution phases of a project including planning, design,
construction and maintenance. Its clients, which are of varying sizes, fall
into various market segments such as building, industrial and power, urban
infrastructure, transportation and environment. GENIVAR is one of the largest
engineering services firm in Canada in terms of number of employees with more
than 3,300 managers, professionals, technicians and technologists and support
staff in over 80 offices in Canada and abroad.

For further information:

For further information: Pierre Shoiry, President and Chief Executive
Officer, (514) 340-0046, ext. 5104; Marcel Boucher, Chief Financial Officer,
(514) 340-0046, ext. 5163; Marlène Casciaro, Director of Communications, (514)
340-0046, ext. 5184

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