TruGreen Buys FirstService Lawn Entity

FirstService Corp. has completed the sale of its Canadian lawn care business, Greenspace Services, to TruGreen ChemLawn, a subsidiary of The ServiceMaster Co.

Greenspace Services is headquartered in Toronto, Canada, and has branches operating in Ontario, Quebec and Alberta. The sale price was approximately $12.9 million (in U.S. dollars) including cash proceeds and the assumption of certain liabilities on closing of $9.1 million and a note receivable of $3.8 million payable over 5 years.

The company expects to record a one-time gain on the sale of approximately $0.18 per share on a fully diluted basis in its fiscal 2005 first quarter ending June 30, 2004.

FirstService Corporation is a North American leader in the rapidly growing service sector, providing services to commercial and residential customers in the following four areas: residential property management, integrated security services, consumer services and business services.