TORONTO, July 27, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV; TSX:FSV and FSV.PR.U) today announced it has increased the size and breadth of its market leading residential property management business in New York City through the acquisition of Goodstein Management, one of New York's most respected providers of residential property management services. Goodstein Management manages more than 9,000 units in New York City and generated more than $7 million in revenues in calendar 2009. Terms of the transaction were not disclosed.
"All of us at Goodstein Management are delighted to be joining FirstService Residential and its market leading platform in New York and the Tri-State Region," said Sandy Lewis, CEO of Goodstein Management. "FirstService's proven track record, leading-edge operating systems and proprietary programs will help us add greater value to our clients and accelerate our growth in the years to come."
"Expanding our market-leading position in New York City has been a key strategic priority for us and further demonstrates our ability to enhance the value of some of the most important properties and clients in New York," said Gene Gomberg, CEO of FirstService Residential. "The addition of Goodstein Management, with its exceptional management team and portfolio of iconic properties, is another step forward in our strategy in the North East. We look forward to working with Sandy Lewis and his highly capable management team."
ABOUT FIRSTSERVICE
FirstService Corporation is a global diversified leader in the rapidly growing property services sector, providing services in the following three areas: commercial real estate, residential property management; and property services. The industry-leading service platform includes Colliers International, the third largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America's largest provider of property services through franchise and contractor networks.
FirstService generates more than US $1.8 billion in annualized revenues and has over 18,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
Forward-looking Statements
Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on FirstService's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which FirstService and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of FirstService, or outcomes or results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions which will, among other things, impact demand for the FirstService's services, service industry conditions and capacity and the cost of providing services; the ability of FirstService to implement its business strategy, including FirstService's ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in or the failure to comply with government regulations (especially safety and environmental laws and regulations); and other factors which are described in FirstService's filings with the U.S. Securities and Exchange Commission and Canadian regulatory authorities. These statements, although considered reasonable by FirstService at the date of this press release, may prove to be inaccurate and consequently FirstService's actual results could differ materially from its expectations as set out or implied in this release. Unless otherwise required by applicable securities laws, FirstService disclaims any intention or obligation to update or revise any forward-looking statements.