SIRVA Signs Definitive Agreement with TEAM Group to Sell Moving Operations in the United Kingdom and the Republic of Ireland

Sale Reflects SIRVA's Goal of Strengthening the Allied Brand and Becoming the Leading Moving Services Network Manager CHICAGO, March 3 /PRNewswire-FirstCall/ -- SIRVA, Inc. (SIRV.PK), aglobal relocation services provider, today announced it had reached anagreement to sell its moving services operations in the United Kingdom andthe Republic of Ireland to a company managed by The TEAM Group ("TEAM"),Europe's leading corporate international moving company and a member of theAllied International moving network. The transaction is subject to certainclosing conditions, including the receipt of regulatory, court and otherapprovals. The sale includes Pickfords, the U.K.'s leading moving and storagebusiness, and Allied Pickfords' international moving services business inthe U.K. TEAM will manage Pickfords without any interruption to service toexisting and future customers. SIRVA's relocation operations in the U.K. and Continental Europe arenot part of the transaction. SIRVA remains committed to a continuedpresence in the relocation market in Europe. SIRVA will also continue toown and operate the Allied Pickfords business in Australia, New Zealand andAsia. Today's announcement reflects SIRVA's strategy of pursuing a businessmodel in which the Company works with representatives around the world toensure that Allied network customers receive seamless, high-quality serviceto and from virtually any country in the world. Last year, SIRVA sold its moving services operations in 13 Europeancountries to TEAM, which subsequently became the Allied network'srepresentative in those countries. Since then, the two companies haveworked together successfully to offer customers integrated internationalmoving services. By selling the U.K. business to an existing Allied representative,SIRVA further strengthens the Allied network and ensures service tocustomers -- either relocating to the U.K. or moving within the country --will be unaffected. SIRVA's President and Chief Executive Officer Robert W. Tieken said,"We are pleased to announce this transaction, which allows SIRVA to focuson our core businesses. As TEAM are already members of the Allied networkin Europe, SIRVA ensures customers in the U.K. will continue to receiveglobal coverage and the highest levels of service; and Pickfords becomespart of another trusted organization." Cees Zeevenhooven, TEAM Allied Group CEO, said, "Pickfords has a greatheritage, and we look forward to growing the company. This transactionbuilds on the process which we began one year ago to increase our presencein the European marketplace, and we anticipate expansion of the TEAM Alliednetwork throughout the continent." About the TEAM Group The TEAM Group is Europe's leader and one of the world's largestinternational moving and relocation companies, with over 40 operations in14 countries. The Group employs over 900 specialist staff and provides acomprehensive range of innovative cost-effective mobility solutions. More information about TEAM can be found on the company's website athttp://www.teamgoc.com. About SIRVA, Inc. SIRVA, Inc. is a leading provider of relocation solutions to a well-established and diverse customer base around the world. The Company handlesall aspects of relocation, including home purchase and home sale services,household goods moving, mortgage services and home closing and settlementservices. SIRVA conducts more than 300,000 relocations per year,transferring corporate employees, along with individual consumers. SIRVA'swell-recognized brands include Allied, Allied International, AlliedPickfords, Allied Special Products, DJK Residential, Global, northAmerican,SIRVA Mortgage, SIRVA Relocation and SIRVA Settlement. More informationabout SIRVA can be found on the Company's Web site at http://www.sirva.com. Forward-Looking Statements This release includes forward-looking statements within the meaning ofthe U.S. Private Securities Litigation Reform Act of 1995. Forward-lookingstatements are not historical, but are made based on management's currentexpectations and beliefs concerning future developments and their potentialeffects upon SIRVA, Inc. and its subsidiaries. There can be no assurancethat future developments affecting the Company will be those anticipated bymanagement. These forward-looking statements are not a guarantee of futureperformance and involve risks, uncertainties and other factors, including,without limitation: (i) the ability of the Company to continue as a goingconcern; (ii) the ability of the Company to obtain court approval for, andoperate subject to, the terms of the DIP financing facility; (iii) theCompany's ability to obtain court approval with respect to motions in theChapter 11 proceeding prosecuted by it from time to time; (iv) the abilityof the Company to develop, prosecute, confirm and consummate one or moreplans of reorganization with respect to the Chapter 11 cases, including aplan consistent with the terms set forth in the plan of reorganization; (v)risks associated with a termination of the agreement and financingavailability; (vi) risks associated with third parties seeking andobtaining court approval to terminate or shorten the exclusivity period forthe Company to propose and confirm one or more plans of reorganization, forthe appointment of a Chapter 11 trustee or to convert the cases to Chapter7 cases; (vii) the ability of the Company to obtain and maintain normalterms with customers, agents, and suppliers; (viii) the Company's abilityto maintain contracts and leases that are critical to its operations; and(ix) the potential adverse impact of the Chapter 11 cases on the Company'sliquidity or results of operations. Other factors that could cause actualresults to differ materially from these forward-looking statements includerisks described under the caption "Risk Factors" and elsewhere in theCompany's 2006 Annual Report on Form 10-K and 2007 third quarter QuarterlyReport of Form 10-Q. The Company does not intend, and is under noobligation, to update any particular forward-looking statement included inthis release.
Investor Contact Doug Gathany SVP-Treasurer & Investor Relations 630.468.4715 Media Contacts TEAM Relocations Malcolm Frise 44.20.8955.1070 Media Contacts SIRVA United States Christina Stenson Ruban Yogarajah Brunswick Group 212.333.3810 Europe Alex Tweed Brunswick Group 44.20.7396.7407