Construction/Building — February 1, 2010

GENIVAR Income Fund expands its presence in Ontario in acquiring a multidisciplinary firm based in Thunder Bay

- GENIVAR strengthens its mining engineering and energy expertise

MONTREAL, Feb. 1 /CNW Telbec/ - The GENIVAR Income Fund ("GENIVAR"), one of Canada's leading consulting engineering firms, is pleased to announce the acquisition of V.B. Cook Co. Limited ("Cook Engineering"), Northern Ontario's largest independent multidisciplinary consulting engineering firm, with over 110 employees based in Thunder Bay. As a result of this acquisition, GENIVAR now has a workforce of more than 900 employees in Ontario.

"We are very pleased to welcome Cook Engineering as part of the GENIVAR team. This acquisition enables us to expand our presence in Ontario, especially in the northern region of the province," said Pierre Shoiry, GENIVAR's President and CEO. "Cook Engineering's solid expertise, particularly in the mining, renewable energy and transportation sectors, will enable us to strengthen our expertise in these areas. Its depth of mining experience also bodes well for the future, given the increasing demand in the sector, which is gradually stepping up production and undertaking infrastructure investments in Canada and internationally. In addition, clean renewable energy using forest and other biomass resources as fuel for power generation, especially cogeneration applications, is increasingly being used to reduce greenhouse gas emissions," he added. "Cook Engineering's expertise in this area will complement GENIVAR's strength addressing client needs in green energy projects. Cook Engineering also provides innovative engineering services to the transportation and building sectors. Both of these market segments will remain robust in the coming years thanks to infrastructure investment programs undertaken by governments at all levels," he concluded.

"This acquisition is strategic and together, we will be much better positioned to serve our clientele in northern Ontario, a dynamic region where both firms have strong roots and close ties with their respective clienteles," said Marz Kord, GENIVAR's Senior Vice-President for Western and Northern Ontario. "GENIVAR's Northern Ontario network includes offices in Thunder Bay, Timmins, Sault Ste. Marie and Sudbury. As a key player in engineering in this region, we will be continuing to expand our platform in all of our market segments. Cook Engineering has a large project portfolio, as well as a loyal client base that complements our own. It has maintained strong business relationships with various First Nations communities by delivering a wide range of infrastructure projects in the education, healthcare and cultural sectors, in addition to natural resources development projects," he added.

"Our team is very pleased to be joining GENIVAR, not only because of the many business opportunities that will open up, but also because of our firms' shared affinities. Among other things, this acquisition will ensure our continuity while providing us with renewed impetus to pursue our growth within GENIVAR," said David R. Knutson, President of Cook Engineering. "With GENIVAR's vast pool of resources, size and capacity, we will be able to further develop our potential by working on larger-scale projects. Leveraging our combined expertise, we will focus on providing comprehensive value-added multidisciplinary services to our clients regionally, nationally and internationally through GENIVAR's network," said Mr. Knutson. "We will reinforce our position as a strategic partner for our mining, forest products, energy sector and First Nations clients. We will continue providing excellent engineering services to our public sector clients in bridge and highway projects. Further, we will have the capability of offering both our public and private-sector clients both an expanded depth and range of engineering services. The future looks bright, with an excellent outlook in all of our market segments. This is a win-win situation from all perspectives, not only in terms of developing our team, but also in serving our clients," he concluded.

About V.B. Cook Co. Limited

Founded in 1962, V.B. Cook Co. Limited is the largest independent consulting engineering firm in Northern Ontario, with over 110 employees based in its Thunder Bay office providing multidisciplinary services in the industrial, transportation, building sciences and environmental sectors. The firm's clientele includes many mining companies, for which it has delivered a number of comprehensive engineering and commissioning projects, from the mining face through to ore processing facilities in Canada and abroad. Other significant projects include a large number of high-capacity mine hoist installations including some of the largest headframes in North America. The firm has also gained recognition for its renewable energy expertise, including biomass technology. Cook Engineering's clients in both the private and public sectors include federal and provincial government departments as well as First Nations communities. It also serves clients in the mid-western United States through its wholly owned subsidiary Laurentian Engineering LLC based in Duluth, Minnesota.

About GENIVAR

GENIVAR is a leading Canadian engineering services firm providing private and public-sector clients with a comprehensive range of professional consulting services during all project phases, including planning, design, construction and maintenance. Ranging in size and scope, GENIVAR's clients primarily operate in the building, industrial, power, municipal infrastructure, transportation and environmental sectors. GENIVAR is one of Canada's largest consulting engineering firms in terms of number of employees, with over 4,000 managers, professionals, technicians, technologists and support staff in more than 70 cities in Canada and abroad. www.genivar.com

For further information: Pierre Shoiry, President and CEO, GENIVAR Income Fund, (514) 340-0046, ext. 5104; Marlene Casciaro, Director of Communications, GENIVAR Income Fund, (514) 340-0046, ext. 5184; Marz Kord, P.Eng., M.Sc., MBA, Senior Vice-President, Northern and Western Ontario, GENIVAR Income Fund, (705) 264-9413; David R. Knutson, P.Eng., President, V.B. Cook Co. Limited, (807) 625-6700

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