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Press release from CNW Group

IBI Group Inc. announces the Closing of the Merger/Acquisition of the firm Groupe Cardinal Hardy Inc. (GCHI) and the Related Merger by Beinhaker Architecte (affiliated with the IBI Group of Firms) of the Professional Architectural Practice of Cardinal Hardy Architectes (CHA) of Montreal, Quebec

Monday, January 24, 2011

IBI Group Inc. announces the Closing of the Merger/Acquisition of the firm Groupe Cardinal Hardy Inc. (GCHI) and the Related Merger by Beinhaker Architecte (affiliated with the IBI Group of Firms) of the Professional Architectural Practice of Cardinal Hardy Architectes (CHA) of Montreal, Quebec16:30 EST Monday, January 24, 2011MONTREAL, Jan. 24 /CNW/ - IBI Group Inc. (the "Company") (TSX: IBG) announced today that all conditions have been waived and business and legal arrangements concluded for the merger of the practice of Cardinal Hardy Architectes, (CHA) with Beinhaker Architecte within the IBI Group of firms.  In parallel, the Company Groupe Cardinal Hardy Inc.(GCHI)  has merged directly within IBI Group.CHA is a full services architectural practice known for its outstanding design and technical work ranging from institutional projects in transportation, (Aéroport de Montréal - Trudeau Airport at Dorval), social infrastructure including building facilities in education and health, private development projects by leading developers in the Greater Montreal Region.  The firm is also expert with an outstanding portfolio of work in urban design and landscape architecture.  The firm has been active in these areas since the inception of the practice in 1976.Phil Beinhaker, Chairman Director and CEO of IBI Group and proprietor of Beinhaker Architecte noted that; "Aurèle Cardinal, Michel Hardy and their fellow principals have established an outstanding practice in building architecture, urban design and landscape architecture.  They have through their broad range of creative and professionally responsible work earned a formidable reputation among both institutional and private development clients, as well as with young professionals seeking to grow within the environment of their practice.  Together with the current establishment of IBI Group in Quebec including the DAA Group, and the affiliated architectural practices of Martin Marcotte Beinhaker Architecte and Beinhaker Architecte will now constitute a truly outstanding collaboration of professionals serving a broad spectrum of development of the urban environment.  The expertise of the firm in transportation and, in particular airport terminals, other institutional areas, housing and urban development can contribute to projects of the IBI Group of Firms worldwide."Aurèle Cardinal stated that; "We at CHA and GCHI welcome this opportunity to take our practice to an international level of activity in the USA, Europe and Asia with our new colleagues in IBI Group and continuing our pursuit of excellence as designers of buildings and the building environment".Michel Hardy noted that; "We have developed skills in areas of specialisation such as our work in passenger airport terminals, which we can now  add in our base in Quebec with the broader skills of IBI in related transportation and engineering aspects of airports, as well as offer this proven experience in markets elsewhere".The staff complement of CHA and GCHI is some 75 people.  The IBI Group of Firms including the affiliated architectural practices will now comprise 2,600 members. About IBI Group Inc.IBI Group Inc. is a TSX listed company, which pays monthly dividends and trades under the symbol "IBG".  IBI Group Inc. holds an indirect 72% interest in IBI Group, a partnership which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology.  The remaining 28% of IBI Group is owned by IBI Group Management Partnership.  On a partially diluted basis, assuming the exchange of its units of IBI Group for common shares of IBI Group Inc., IBI Group Management Partnership together with affiliated entities holds a combined 46% interest in IBI Group Inc.For further information: Philip H. Beinhaker IBI Group Inc. 230 Richmond Street West Toronto, Ontario M5V 1V6Telephone: 416-596-1930