IBI Income Fund Announces the Settling of Business Arrangements for the Acquisition of the Giffels Professional Engineering Practice from Ingenium Group Inc.

    TORONTO, June 26 /CNW/ - IBI Income Fund (the "Fund") (TSX:IBG.UN)
announced today that business and legal arrangements have been concluded to
provide for the closing in the near future of the acquisition of the Giffels
Professional Engineering practice from Ingenium Group Inc.
    Giffels is a Legacy Firm, originally established in Detroit, USA in 1925.
Giffels Professional Engineering, Ontario, Canada was established in 1949. The
US and Canadian Giffels operations separated and were reunited in 2005 with
the acquisition of Giffels Inc. USA. The combined Giffels Professional
Engineering (GPE); Giffels Associates Limited Canada and Dubai; Giffels, Inc.,
USA; and Giffels International; collectively carry on professional engineering
consulting services and related architectural services for the pre-design,
design, construction and post-construction stages of projects broadly within
industrial and infrastructure fields, and more specifically involving
structural, mechanical and electrical building services, (SME) Engineering;
architecture in direct support of SME Engineering Services: civil engineering;
land/site development engineering; process and industrial engineering;
environmental engineering; and transportation engineering in the following
market segments; (i) transit, roads and highways; (ii) aviation systems;
(iii) municipal services and utilities; (iv) power generation and
distribution; (v) manufacturing and warehousing; (vi) logistics and materials
handling; and (vii) automotive facilities. The total staff complement of GPE
is approximately 375 with 225 Giffels Associates Limited in Canada, 10 of
Giffels Associates Limited in Dubai and 140 Giffels Inc. in the USA of whom
124 are located in Southfield, Michigan, (the Detroit Metropolitan Area), and
16 in Raleigh, North Carolina.
    Phil Beinhaker, Chairman Director and CEO of IBI Group noted that, "the
integration of the outstanding ability of GPE within the IBI Group is
strategic in relation to three basic objectives: (i) the integration of
engineering design skills of GPE that complement the policy, research,
planning, Architectural and operational analysis skills of the IBI Group in
transportation networks and facilities and major infrastructure, thus
broadening the ability of both groups to fulfill client needs providing
comprehensive services for major projects; (ii) the overall growth in
professional staff, and market functional activities and projects, increasing
stability of fee volume and employment for staff; the approximate 375 staff
members of GPE added to the existing 1,825 staff members of IBI Group
increases the total group to 2,200; (iii) The strengthening of IBI US
Operations: the integration of the 140 members of GPE in the USA increases the
total IBI complement to 540 and establishes for the IBI Group of Firms a base
of operations in the strategic market area of the Great Lakes urban region,
and adds to the Atlantic seaboard network of IBI offices and skills."
    Phil Beinhaker continued, "The business arrangements that we have settled
provide for all five of the senior executives of Giffels Professional
Engineering along with the senior managers and all staff to continue with the
practice integrated within the IBI Group of Firms. Accordingly, this merger
will be of utmost benefit to the clientele of both firms in enhancing the
range and depth of professional services offered, to the professional staff of
GPE in facilitating the growth of their activity with the IBI international
network of offices, clientele, in their respective areas of practice and to
benefit with their areas of work enhanced by the contribution of the
complementary professional areas of existing IBI members."
    Mr. Victor Smith, President and CEO, The Ingenium Group, stated, "GPE
Units will have greater opportunity for them to thrive as their activities are
more aligned with IBI's strategic focus while enabling The Ingenium Group to
acquire and/or invest in businesses and assets that are more closely aligned
to Ingenium's new streamlined strategies. In addition, The Ingenium Group and
IBI intend to continue to share work through Giffels Professional Engineers
based on the mutual respect for each others' capabilities."

    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

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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