MP Western Properties Inc.
NEX BOARD : MPW.H

January 23, 2007 09:00 ET

MP Western Properties Inc. Announces Resumption of Trading

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2007) - MP Western Properties Inc. (NEX BOARD:MPW.H), a Vancouver-based real estate company, announces that the trading halt of class B voting common shares (the "Voting Shares") will be lifted January 24, 2007 and trading will resume at the opening of markets.

Shareholders of the Company received the Voting Shares pursuant to a statutory plan of arrangement (the "Arrangement") completed on April 1, 2006. The Arrangement was completed through a series of steps whereby, after a consolidation of the Company's then outstanding common shares on a 10 to 1 basis, shareholders received, in exchange for each common share held by them, one class A non-voting, participating share (a "Non-Voting Share") and one Voting Share of the Company, together with one common share of Fuel Cell Technologies Ltd., which carries on the former solid oxide fuel cell business of the Company. Under the Arrangement, Madison Pacific Properties Inc. acquired 3,200,000 Voting Shares and 72,602,667 Non-Voting Shares upon conversion of a convertible note in the principal amount of $1.55 million. The Company has no interest in Fuel Cell Technologies Ltd. or the former solid oxide fuel cell business of the Company.

Immediately following completion of the Arrangement on April 1, 2006, Madison Pacific Properties Inc. received 3,550,876,357 Non-Voting Shares at a deemed price of $0.020446 per share in consideration for the sale to the Company of interests in 17 income producing industrial and commercial properties which had a net asset value of $72,601,218. A description of the properties is contained in the Material Change Report of the Company dated April 6, 2006 and available at www.sedar.com.

As a result of the Arrangement and the subsequent vend-in of assets, the Company has 8,094,000 Voting Shares and 3,628,373,024 Non-Voting Shares outstanding. Madison Pacific Properties owns 39.54% of the outstanding Voting-Shares and 99.87% of the Non-Voting Shares.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • MP Western Properties Inc.
    Mr. Alan Firth
    President
    (604) 732-6540
    or
    MP Western Properties Inc.
    Mr. Thor Olsen
    Chief Financial Officer
    (604) 732-6540
    (604) 732-6550 (FAX)