Ms. Camilla Bartosiewicz reports

ALTUS GROUP EXPANDS MARKET SHARE AND SERVICE OFFERINGS OF ALTUS GEOMATICS THROUGH ACQUISITION OF MALTAIS GEOMATICS

Altus Group Ltd. has acquired the business assets of Maltais Geomatics Inc. (MGI). The acquisition increases market share and broadens the service offerings of the company's geomatics business unit (Altus Geomatics), a market leader in geomatics solutions.

MGI is a privately owned, Alberta-based geomatics company with a 35-year successful record. MGI services a wide range of client sectors with particular strength in the electrical power, industrial and commercial construction, as well as the oil and gas and pipeline sectors.

"We have a strong commitment to strengthen and grow all of our business units," said Bob Courteau, chief executive officer of Altus Group. "The acquisition of MGI intensifies our market position in geomatics services in Western Canada while contributing to the strong and recurring revenue streams provided by Altus Geomatics."

The combination of MGI's diversified service lines and blue-chip client list furthers Altus Geomatics' strategy to grow its market presence in Western Canada. The addition of MGI's 65 employees (including professional engineers and accredited land surveyors) will bolster Altus Geomatics' staff resources to over 500 employees. The company expects to realize meaningful synergies and competitive advantages in terms of business development, higher staff utilization, geographical footprint and enhanced market scope that will allow it to capitalize more effectively on the market opportunity in geomatics services.

"We look forward to the many benefits that will be created through this merger, for both our clients and our employees," commented Irwin Maltais, president and founder of MGI. "Our shared commitment to quality, timeliness, safety and client satisfaction enables us to build on an established track record in delivering the leading-edge geomatics solutions that our clients have come to expect."

Once fully integrated, the company expects that the merger will result in revenue growth from the broadened service offering and increased market share. In the past three years, MGI's revenues exceeded $10-million per year, and annual EBITDA (earnings before interest, taxes, depreciation and amortization) averaged over $3-million. The acquisition is expected to be immediately accretive to adjusted EPS (earnings per share). The acquisition was financed through a combination of cash and equity.

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