Ingenium Group Announces Completion of Transaction to Divest Giffels Consulting Units

    IBI Group IBI Income Fund Purchases Giffels Associates Limited, Giffels
    Inc., Giffels of North Carolina and Giffels International

    TORONTO, July 7 /CNW/ - The Ingenium Group confirmed today that the
transaction has been completed for the sale of its member company consulting
units Giffels Associates Limited, Giffels, Inc., Giffels of North Carolina;
and Giffels International to the IBI Group IBI Income Fund (TSX:IBG.UN).
    The transaction does not include Giffels Design Build Inc., which will
remain a member of the Ingenium Group of companies. The businesses acquired by
IBI will retain the Giffels brand and will be known as Giffels Professional
    "IBI is a great company and the Giffels consulting units will further
allow them to exploit the synergies of a vertically integrated practice,
capitalizing on their unique combination of specialized services," says
Victor Smith, President and CEO, The Ingenium Group. "At Ingenium we will
reinvest the funds generated from this transaction to continue to acquire or
invest in businesses and real estate assets that are more closely aligned to
our global growth strategy."

    The Ingenium Group of companies offers an extensive range of
architectural, engineering, interior design, construction and project
management services focused on quality performance, superior client service
and on-budget, on-time delivery of innovative solutions. The Ingenium member
company brands include NORR, PMA, Giffels Design Build, and CION. They employ
more than 900 professional staff in offices in Canada, the United States,
Latin America, the Middle East, Eastern Europe and Asia. For more information

For further information:

For further information: Jill Quinn, GCI Group, Tel: (416) 486-5906,

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