Press release from CNW Group
IBI Group Inc. Announces the award of the Design of 10 underground Transit Stations in the Tel Aviv metropolitan area by NTA, the responsible agency of the Ministry of Transport of the Government of Israel.
Monday, July 04, 2011
IBI Group Inc. Announces the award of the Design of 10 underground Transit Stations in the Tel Aviv metropolitan area by NTA, the responsible agency of the Ministry of Transport of the Government of Israel.09:35 EDT Monday, July 04, 2011TORONTO, July 4, 2011 /CNW/ -IBI Group Inc. (TSX: IBG) announced today that NTA- Metropolitan Mass Transit System Ltd., the responsible authority for the planning and implementation of the Light Rail Transit (LRT) Red Line in Metropolitan Tel Aviv Area, Israel, has selected IBI as the Architectural and Engineering team to plan and design the 10 underground stations of the Red line.NTA is the entity established by the Government of the State of Israel, under the auspices of the Ministry of Transport responsible for the development of the Transit system in the Tel Aviv Metropolitan area. The Red line is planned to be 23 kilometres in length. The approximate 10 kilometres of the central portion of the Line through the intensely developed area of Metropolitan Tel Aviv will be built below grade and includes the 10 underground stations.NTA today announced in Israel that IBI was selected over 7 other international groups through an international competition for this extensive station work. The total value of the 10 stations was stated by NTA as being in the order of 2.5B New Israel Shekels (NIS) and the IBI contract as being in the order of 165M NIS.Phil Beinhaker, Chairman Director and CEO of the IBI Group of Firms noted that, "IBI will undertake this work with integrated teams working in IBI offices in New York, Toronto and in Israel to provide the leadership, professional experience and human resources for the work. The project combines IBI areas of experience in transportation networks and the architecture of building facilities. IBI will also integrate the work of additional engineering and specialist consultants. This is a large scale example of the IBI business and professional model, operating as an integrated firm, delivering Global experience, through clients in local communities. It also validates the IBI combined organic and strategic growth through acquisitions, as this mandate calls upon people from two relatively recent acquisitions, along with people from the longer term organic growth within the Firm."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 (of a subsidiary of IBI Group Inc. and IBI Group Management 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 Intelligent Systems . The remaining 28% of IBI Group is owned by IBI Group Management Partnership. On a partially diluted basis, assuming the exchange of its partnership 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, Chief Executive Officer, IBI Group Inc., 230 Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930.