Altus Group Announces Leadership Changes at ARGUS Software
January 10 2013 - 5:05PM
Marketwired
Altus Group ("Altus") (TSX:AIF) today announced that Mark Kingston,
President of ARGUS and Chief Knowledge Officer of Altus Group, will
be leaving the company. Mike Abramsky, Chief Technology Officer of
Altus Group will assume interim responsibility for ARGUS and the
team. In addition, Altus announced the departure of several members
of the ARGUS management team.
"Having joined ARGUS in 2003, Mark has been a technology leader
in the commercial real estate software industry, and I am grateful
for the significant contributions he and the departing team members
have made," said Bob Courteau, CEO of Altus Group. "The products
and services that ARGUS delivers, including the recently launched
ARGUS Enterprise 9.0, offer incredible power to the market. We
expect to further enhance our market leading position at ARGUS,
while continuing our investments in innovative products and
services. We'll also further leverage the strategic alignment of
ARGUS across all of Altus."
"I am proud of what the team has accomplished at ARGUS, and
remain enthusiastic regarding the potential of the important
combination of ARGUS and Altus. ARGUS' industry-leading financial
analysis products remain the standard in the real estate market,"
Kingston said. "I have decided to step down to spend more time on
special projects of interest to me, including my charitable
foundation, Messengers of Love."
Other departures at ARGUS Software include Chief Administrative
Officer, Managing Director, Global Solutions and Vice President of
Industry Relations. These changes are effective immediately. In
conjunction with these changes, Altus Group expects to post a Q1
restructuring charge.
About ARGUS Software
ARGUS Software is the leading provider of software and solutions
for analyzing and managing the value of real estate investments
worldwide. ARGUS Software has a world-class user base, consisting
of over 90,000 users, and has been focused solely on the commercial
real estate segment for over 20 years. The ARGUS Software portfolio
includes industry-standard products, including ARGUS Enterprise 9,
the most robust asset management solution in a single, integrated
platform.
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 50 offices in a number of countries worldwide,
including Canada, the United Kingdom, the United States, Australia
and China. 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.
Forward-Looking Information
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",
"intend" and other similar terminology. Forward-looking information
includes, but is not limited to, expectations with respect to the
products and services offered by ARGUS Software and its integration
with other Altus divisions. The forward-looking information
reflects Altus' and management's current expectations, beliefs and
assumptions regarding future events and operating performance and
is based on information currently available to management. The
assumptions made in making certain projections include, but are not
limited to, the success of product development and launch
initiatives, the supply and demand for ARGUS' products and services
and the execution of certain business strategies. 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 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; currency 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; protection of
intellectual property or defending against claims of intellectual
property rights of others; and performance of
obligations/maintenance of client satisfaction; legislative and
regulatory changes; risk of future legal proceedings; insurance
limits; income tax matters; 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.
Contacts: Altus Group Limited Sayla Nordin VP, Investor
Relations and Corporate Communications (416) 557-0939
www.altusgroup.com
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