Jannock Properties Limited

Jannock Properties Limited

March 01, 2010 17:18 ET

Jannock Properties Limited Updates Status of Voluntary Dissolution

TORONTO, ONTARIO--(Marketwire - March 1, 2010) - Jannock Properties Limited advises that the voluntary dissolution that was approved by shareholders in May 2009 is being held-up by a delay in the receipt of a refund of municipal expenses. In 2009, the Corporation filed a claim for $217,000 of levy credits relating to a property that it had previously sold. At this time the Corporation can give no assurance of either the ultimate amount that may be realized or the timing of this recovery.

As previously advised, the Corporation will work with the Canada Revenue Agency to obtain the necessary consents to the dissolution and the subsequent delisting of its units, after the refund of municipal expenses has been received.

Forward-looking statements contained in this news release involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include local real estate markets, zoning applications, changes in interest rates and general economic conditions. In addition there are risk factors described from time to time in the reports and disclosure documents filed by Jannock Properties Limited with Canadian and U.S. securities regulatory agencies and commissions.

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