Real Estate Central

Proceeds from divestiture combined with existing funds to drive growth

TORONTO, July 2 /PRNewswire-FirstCall/ - FirstService Corporation
(”FirstService”) (NASDAQ: FSRV; TSX: FSV and FSV.PR.U) announced today that
it has closed the sale of its integrated security division, FirstService
Security, to ADT Security (”ADT”), a unit of Tyco International (NYSE:
TYC), previously announced on April 14, 2008.

“The completion of this strategically important transaction by
FirstService now allows us to focus on executing our strategy of building
our company into a significant global provider of diversified real estate
services,” said Jay Hennick, Founder and Chief Executive Officer of
FirstService. “Accelerating the growth of our three real estate services
platforms through a combination of internal growth and acquisitions is a
priority and we are in a stronger position than ever to achieve our goals
and create greater long-term value for the shareholders of FirstService
during a period of great opportunity.”

“We would like to thank our partners and employees of FirstService
Security for their tireless dedication and years of contribution and would
like to extend our best wishes to them, and ADT, as they take this business
to the next level,” added Mr. Hennick.

ABOUT FIRSTSERVICE CORPORATION

FirstService is a global diversified leader in the rapidly growing real
estate services sector, providing services in the following three areas:
commercial real estate; residential property management; and property
improvement services. Industry-leading service platforms include: Colliers
International, the third largest global player in commercial real estate;
FirstManagement Partners, the largest manager of residential properties in
North America; and The Franchise Company, the largest provider of property
improvement services through franchise and contractor networks in North
America.

FirstService is a diversified property services company with more than
US$1.6 billion in annualized revenues and more than 17,000 employees
worldwide. More information about FirstService is available at
http://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.

See Also:

• Average sale price of a Manhattan apartment is $1.67 million - Jul. 2, 2008
• Propertyshark.Com Collaborates with Corcoran To Release Manhattan Real Estate Report: Second Quarter Of 2008 Sees A 38% Decline In Residential Transactions For Manhattan; Median Sale Prices Up Slightly
• GMAC Commercial Finance Announces the Sale of its Poland Factoring Business to SEB
• Average sale price of a Manhattan apartment is $1.67 million - Jul. 2, 2008
• LandDesign and Audubon Lifestyles Join Forces for Sustainable Development

[Via Real Estate Newswire]