IBI Income Fund announces the closing of a merger of BFGC Architects, Planners, Inc., ("BFGC"), with the IBI Group of firms

    TORONTO, Aug. 4 /CNW/ - IBI Income Fund (The "Fund") (TSX:IBG.UN)
announced today the closing of the merger of BFGC Architects, Planners, Inc.
("BFGC") within the IBI Group of firms. The practice will continue with the
name "BFGC - IBI Group Architects, Planners."
    For the past 60 years the firm currently known as BFGC has practiced
architecture and planning in California, operating currently in the cities of
Bakersfield, San Jose and San Luis Obispo. One senior principal and another
principal lead the practice in each of the three offices. Together with the
associate principals, associates and professional staff the BFGC complement is
currently approximately 70 people. BFGC has established a very strong
reputation in the research, planning and design and construction phase
services with particular focus on educational facilities for colleges and K-12
schools. The firm has provided continuing services to community college and
school boards for periods extending over decades. The firm also is involved in
architectural work for other public facilities in justice, administration and
some private corporate work as well.
    Phil Beinhaker, Chairman Director and CEO of the IBI Group of Firms noted
that, "David Cartnal, Mark Engelien and William Tuculet and their colleagues
including the three other principals, associate principals, associates and
staff have established a firm with a strongly recognised reputation for
excellence, particularly in the field of educational facilities. The leaders
of the firm have all committed to continue their roles of leadership and
management, to achieve the integration of this practice within the practice of
IBI Group US and to become a core component of the national educational
practice that IBI is building across the United States of America.
Additionally, the geographic presence of this firm in three cities between Los
Angeles to the south and San Francisco to the north will extend the IBI
platform currently in Southern California. IBI will be able to broaden the
services offered in these three cities, as well as enhance its effectiveness
in Metropolitan Los Angeles and San Francisco Bay Area markets. With the
integration of BFGC, the total complement of professionals within the IBI
Group of Firms will now be approximately 2,285 people operating through 67
offices worldwide. The consideration for the merger is in the form of IBI
units for the value agreed for the goodwill. A total of 218,886 units have
been issued on closing, with additional units to be issued on the first and
second anniversaries of closing, estimated to be 91,202 units on the first
anniversary and 54,721 units and on the second anniversary subject to
    David Cartnal, Managing Principal of the BFGC firm stated that "This
integration of BFGC within the IBI Group is based on strategic planning that
the BFGC leadership has undertaken over the past years, regarding the
continuing and further growth of the BFGC practice, including the
consideration of succession over time. The current leadership is fully
committed to continue with Mark Engelien, BFGC CFO and lead principal in
Bakersfield, William Tuculet, lead principal in San Luis Obispo and myself
continuing as lead principal in San Jose. Together with us, will be our three
principal colleagues, our five associate principals and our eight associates
and all of our staff. Our staff have responded enthusiastically to the
enhanced opportunities for their respective careers. Our loyal longstanding
clients have been reassured that they will continue to receive the
professional services that BFGC has provided to date, further enhanced with
the additional depth of resources and breadth of expertise that the merger
with IBI offers them. Mark Engelien noted that "This merger will enable us to
move forward in enhancing the operating systems of BFGC, and introduced
advanced technology to further the effectiveness of our services to our
existing clients, as well as broaden our practice together with our new
colleagues of the IBI Group".

    About IBI Fund

    The Fund is a TSX listed Income Trust, which pays monthly distributions
and trades under the symbol "IBG.UN". The Fund holds an indirect 71.4% in the
IBI Group, a Partnership which, directly and through its subsidiary entities,
provides professional services, including planning, design, implementation,
analysis of operations and other consulting services in relation to four main
areas of development, being urban land, building facilities, transportation
networks and systems technology. The remaining 28.6% of the IBI Group is owned
by IBI Group Management Partnership which together with its share in the
indirect interest of the Fund holds a combined 46.9% interest.

    %SEDAR: 00021044E

For further information:

For further information: Allan J. Kamerman, IBI Income Fund, 230
Richmond Street West, 5th Floor, Toronto, ON, M5V 1V6, Tel: (416) 596-1930,
Fax: (416) 596-8024

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