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

Mar 03, 2008, 00:00 ET from SIRVA, Inc.

    CHICAGO, March 3 /PRNewswire-FirstCall/ -- SIRVA, Inc. (SIRV.PK), a
 global relocation services provider, today announced it had reached an
 agreement to sell its moving services operations in the United Kingdom and
 the Republic of Ireland to a company managed by The TEAM Group ("TEAM"),
 Europe's leading corporate international moving company and a member of the
 Allied International moving network. The transaction is subject to certain
 closing conditions, including the receipt of regulatory, court and other
     The sale includes Pickfords, the U.K.'s leading moving and storage
 business, and Allied Pickfords' international moving services business in
 the U.K. TEAM will manage Pickfords without any interruption to service to
 existing and future customers.
     SIRVA's relocation operations in the U.K. and Continental Europe are
 not part of the transaction. SIRVA remains committed to a continued
 presence in the relocation market in Europe. SIRVA will also continue to
 own and operate the Allied Pickfords business in Australia, New Zealand and
     Today's announcement reflects SIRVA's strategy of pursuing a business
 model in which the Company works with representatives around the world to
 ensure that Allied network customers receive seamless, high-quality service
 to and from virtually any country in the world.
     Last year, SIRVA sold its moving services operations in 13 European
 countries to TEAM, which subsequently became the Allied network's
 representative in those countries. Since then, the two companies have
 worked together successfully to offer customers integrated international
 moving services.
     By selling the U.K. business to an existing Allied representative,
 SIRVA further strengthens the Allied network and ensures service to
 customers -- 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 focus
 on our core businesses. As TEAM are already members of the Allied network
 in Europe, SIRVA ensures customers in the U.K. will continue to receive
 global coverage and the highest levels of service; and Pickfords becomes
 part of another trusted organization."
     Cees Zeevenhooven, TEAM Allied Group CEO, said, "Pickfords has a great
 heritage, and we look forward to growing the company. This transaction
 builds on the process which we began one year ago to increase our presence
 in the European marketplace, and we anticipate expansion of the TEAM Allied
 network throughout the continent."
     About the TEAM Group
     The TEAM Group is Europe's leader and one of the world's largest
 international moving and relocation companies, with over 40 operations in
 14 countries. The Group employs over 900 specialist staff and provides a
 comprehensive range of innovative cost-effective mobility solutions.
     More information about TEAM can be found on the company's website at
     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 handles
 all aspects of relocation, including home purchase and home sale services,
 household goods moving, mortgage services and home closing and settlement
 services. SIRVA conducts more than 300,000 relocations per year,
 transferring corporate employees, along with individual consumers. SIRVA's
 well-recognized brands include Allied, Allied International, Allied
 Pickfords, Allied Special Products, DJK Residential, Global, northAmerican,
 SIRVA Mortgage, SIRVA Relocation and SIRVA Settlement. More information
 about SIRVA can be found on the Company's Web site at
     Forward-Looking Statements
     This release includes forward-looking statements within the meaning of
 the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
 statements are not historical, but are made based on management's current
 expectations and beliefs concerning future developments and their potential
 effects upon SIRVA, Inc. and its subsidiaries. There can be no assurance
 that future developments affecting the Company will be those anticipated by
 management. These forward-looking statements are not a guarantee of future
 performance and involve risks, uncertainties and other factors, including,
 without limitation: (i) the ability of the Company to continue as a going
 concern; (ii) the ability of the Company to obtain court approval for, and
 operate subject to, the terms of the DIP financing facility; (iii) the
 Company's ability to obtain court approval with respect to motions in the
 Chapter 11 proceeding prosecuted by it from time to time; (iv) the ability
 of the Company to develop, prosecute, confirm and consummate one or more
 plans of reorganization with respect to the Chapter 11 cases, including a
 plan consistent with the terms set forth in the plan of reorganization; (v)
 risks associated with a termination of the agreement and financing
 availability; (vi) risks associated with third parties seeking and
 obtaining court approval to terminate or shorten the exclusivity period for
 the Company to propose and confirm one or more plans of reorganization, for
 the appointment of a Chapter 11 trustee or to convert the cases to Chapter
 7 cases; (vii) the ability of the Company to obtain and maintain normal
 terms with customers, agents, and suppliers; (viii) the Company's ability
 to maintain contracts and leases that are critical to its operations; and
 (ix) the potential adverse impact of the Chapter 11 cases on the Company's
 liquidity or results of operations. Other factors that could cause actual
 results to differ materially from these forward-looking statements include
 risks described under the caption "Risk Factors" and elsewhere in the
 Company's 2006 Annual Report on Form 10-K and 2007 third quarter Quarterly
 Report of Form 10-Q. The Company does not intend, and is under no
 obligation, to update any particular forward-looking statement included in
 this 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