TORONTO, (April 8, 2005) — Customs broker and consulting firm
Livingston International Income Fund has acquired Vancouver-based Searail Cargo Surveys — a vehicle mover by truck and rail.

About 65 percent of the $14.5 million deal was paid in cash.

Founded in 1977, Searail uses owner-operated and company-owned trucks as well as through a supplier contract with CN Rail. Searail also has an inspection division, which inspects new imported vehicles at various points from origin overseas to destination.

The majority of the company’s business originates in Canada. In 2004, Searail posted net revenues of approximately $9.6 million and generated operating cash flow, before changes in non-cash working capital and adjusted for specific normalizing items (primarily employment-related and associated with the sale of the business), of approximately $2.9 million. Searail has approximately 75 full- and part-time employees.

Searail will remain an independently-run business under the direction of its founder and previous owner, Derek Patterson.

“Our acquisition of Searail, along with (last month’s) purchase of Great Lakes, including South Ranch and its SmartBorder technology, is part of Livingston’s strategy to grow through strategic and accretive acquisitions,” said Peter Luit, chief executive officer of Livingston International. “Great Lakes will expand our U.S. customs brokerage business, while the Searail acquisition provides Livingston with an opportunity to expand our transportation services business. The Searail business is also a natural extension of the services Livingston currently provides.”