IBI Income Fund Announces the Closing of the Merger/Acquisition of the Practice of Piranha Tendances of Montréal, Québec

    MONTREAL, Jan. 17 /CNW/ - IBI Income Fund, (the "Fund") (TSX:IBG.UN)
announced today that all conditions have been waived and business and legal
arrangements concluded for the merger of Piranha Tendances with DAA within the
IBI Group of Firms. Closing will occur by the end of January, 2008.
    Piranha Tendances, Conseil Stratégique et Communications Inc. is actively
involved in serving clients in the public and private sectors, in the fields
of strategy, communications, market research and branding of facilities,
products and services. The firm has been active in these areas for the last
nine years.
    Phil Beinhaker, Chairman Director and CEO of IBI Group noted that, "Serge
Gosselin and his colleagues have established an effective practice advising
senior management in private business and leadership in Government in a broad
range of matters related to public communications, markets and imaging. These
skills are the interactive with the professional activities of the IBI Group
of firms in urban planning and design of buildings, transportation and other
facilities for both private enterprise and public agencies. A notable example
is the joint work underway by the firms for an international operator of
hospitality and hotel venues with respect to location of sites, as well as the
branding of their facilities and services. This is an example of an
application of these talents that can be extended to the work of the IBI Group
of firms on behalf of national and international operators in the
accommodation industry, retail industry, transportation and other industries."
    Serge Gosselin stated that "We at Piranha Tendances view our joining
within the IBI Group of firms as the opportunity to extend our work through
the international platform of IBI activities for our clients, who are
operating world wide. With IBI we can extend our services from our current
base in Montreal. as well as better serve our clients the integration of our
service within IBI's broad scope of the research, planning and design of
facilities. My colleagues and our full staff complement of 24 people are most
encouraged about the prospects offered by this merger."

    About IBI Income 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 68% interest in 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 32% of IBI Group is owned by IBI Group Management

    %SEDAR: 00021044EF

For further information:

For further information: Philip H. Beinhaker, IBI Income Fund, 230
Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930

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