April 8, 2009
Montreal, April 8, 2009 – The GENIVAR Income Fund (“GENIVAR”) is pleased to announce the acquisition of Algal & Associates Ltd. (“Algal”), an Ontario-based electrical engineering services firm with approximately 20 employees in Toronto.
“Algal’s experts have developed very unique niche expertise in medium and high voltage electrical engineering services for power generation, transmission and distribution systems,” said Pierre Shoiry, President and CEO, GENIVAR. “These services will be in high demand for the coming years given the need to develop and modernize North America’s electricity transmission and distribution grid to access the energy resources, including hydroelectricity, wind power, biomass, nuclear and thermal energy. Algal’s state-of-the-art capabilities complements our existing range of services and strengthens our Energy team,” added Pierre Shoiry. GENIVAR is strategically positioned to take part in a wide range of emerging projects.
“By joining forces with GENIVAR, we will gain access to larger-scale projects while promoting our services within GENIVAR’s internal network. We will also be able to meet the growing needs of our clients, who require a comprehensive range of integrated consulting engineering services,” said Feodor Alter, President of Algal. “GENIVAR’s dynamic entrepreneurial culture meshes perfectly with our respective business approaches, and our employees will be able to integrate their skills within GENIVAR’s network,” he added.
Founded in 1992, Algal & Associates Ltd. provides expertise in electrical engineering for power generation, transmission and distribution systems. It serves public and private sector clients, including Hydro One, Ontario Power Generation, TransCanada Energy, Brookfield Renewable Power Inc., Renewable Energy Systems, Northland Power and local distribution companies (LDCs).
About GENIVAR
GENIVAR is a leading Canadian engineering services firm providing private and public-sector clients with a complete range of professional consulting services throughout 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 services firms by number of employees, with more than 3,500 managers, professionals, technicians, technologists and support staff in more than 65 locations in Canada and internationally.
For further information, please contact:
Pierre Shoiry
President and CEO
GENIVAR Income Fund
Phone: (514) 340-0046, ext. 5104
Marlene Casciaro
Director of Communications
GENIVAR Income Fund
Phone: (514) 340-0046, ext. 5184
Feodor Alter, P.Eng.
President
Algal & Associates Ltd.
Tel.: (416) 484-4200, ext. 222
