TORONTO, ONTARIO--(Marketwire - Dec. 21, 2012) - Altus Group Limited ("Altus") (TSX:AIF) today announced that it has entered into a binding letter of intent to sell its 100% interest in Altus Residential Limited ("ARL") to Real Matters Inc. ("Real Matters") for $8.2 million, payable through the issuance of additional Real Matters shares.
Real Matters (formerly Solidifi Inc.) is a Toronto-based technology company that provides insights into residential and commercial properties for mortgage lenders and insurance companies across North America. Altus Group has been a strategic partner and shareholder since 2008.
Incorporated in 2009, ARL is a wholly owned subsidiary of Altus Group, providing single-family residential appraisal management services on a fixed-fee basis.
This sale is part of Altus Group's ongoing efforts to manage its strategic relationships and assets with increased efficiency. Capitalizing on the increased value of Altus' investment in Real Matters, this transaction strengthens the Altus Group/Real Matters relationship, while consolidating Altus' interest in the company. As a result of this sale, Altus' share in Real Matters will increase from its current holding of 20% to 27%.
"This move simplifies the joint relationship with Real Matters. We are happy with the strong return on our investment and Real Matters' growing success in the market," stated Bob Courteau, CEO, Altus Group.
The transaction is intended to close on or before January 31, with effect as of January 1, 2013.
About Altus Group Limited
Altus leads the global real estate industry in offering professional real estate advisory services, data solutions and intelligence about an organization's assets, generating a wealth of knowledge and insight. With a staff of over 1,700, Altus has a network of over 60 offices in 14 countries worldwide, including Canada, the United Kingdom, Australia, Asia and the United States. We operate five interrelated Business Units, bringing years of experience and a broad range of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Realty Tax Consulting, Geomatics and ARGUS Software. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.
Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors which could cause actual results, performance or achievements of Altus, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include: general state of the economy; competition in the industry; ability to attract and retain professionals; integration of acquisitions; dependence on oil and gas sector; dependence on Canadian multi-residential market; customer concentration; currency risk; interest rate risk; reliance on larger software transactions with longer and less predictable sales cycles; success of new product introductions; ability to respond to technological change and develop products on a timely basis; ability to maintain profitability and manage growth; revenue and cash flow volatility; credit risk; protection of intellectual property or defending against claims of intellectual property rights of others; weather; fixed-price and contingency engagements; operating risks; performance of obligations/maintenance of client satisfaction; appraisal mandates; legislative and regulatory changes; risk of future legal proceedings; insurance limits; income tax matters; ability to meet solvency requirements to pay dividends; leverage and restrictive covenants;
unpredictability and volatility of common share price; capital investment; and issuance of additional common shares diluting existing shareholders' interests, as well as those described in Altus' publicly filed documents, including the Annual Information Form (which are available on SEDAR at www.sedar.com). Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects Altus' and management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus, its financial or operating results, or its securities.