Prime City One Capital Corp.
TSX VENTURE : PMO

December 12, 2007 17:31 ET

Prime City One Announces Returns on Strategic Investment

TORONTO, ONTARIO--(Marketwire - Dec. 12, 2007) - PRIME CITY ONE CAPITAL CORP. ("Prime City One" or the "Corporation") (TSX VENTURE:PMO) is pleased to announce that 50% of its previously announced strategic equity investment of $100,000 in Canadian Oil Recovery & Remediation Enterprises Inc. ("CORRE"), a private company involved in the acquisition, development and commercialization of oil recovery and remediation technologies, has been repurchased by CORRE for an aggregate price of $375,000. Prime City One (then Scorpio Capital Corp.) initially acquired an aggregate of 1,000,000 common shares in the capital of CORRE (each, a "CORRE Share") at a price of $0.10 per CORRE Share. The foregoing repurchase consisted of the acquisition by CORRE of 500,000 of the foregoing CORRE Shares at a price of $0.75 per share, for gross proceeds to Prime City One of $375,000. Prime City One continues to hold the balance of its investment in CORRE, being a further 500,000 CORRE Shares.

CORRE continues to be successful in its financing efforts (having now raised more than $9 million in arms' length financing) and expansion of business plan. It also continues to complete the necessary steps to consummate its business combination with C Level II International Holding Inc. ("C Level II"), a capital pool company formed in accordance with, and governed by, the rules of the TSX Venture Exchange and whose common shares are listed and posted for trading on the Exchange, as previously announced by Prime City One on September 18, 2007. Further details regarding that transaction can be accessed under C Level II's corporate profile at www.sedar.com.

About Prime City One

Prime City One holds equity interests in Hot Spot Hospitality Corp. and Canadian Oil Recovery & Remediation Enterprises Inc. Prime City One is also the 100% parent of BDE Equities Inc. ("BDE"), which is the owner of Kingside Mortgage Corporation, a mortgage brokerage business. BDE holds a 50% interest in one property in Richmond Hill, Ontario upon which it is planning to build 141 condominium residential units.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Prime City One Capital Corp.
    John Lorenzo
    President and Chief Executive Officer
    (416) 309-2521
    (416) 368-5506 (FAX)
    or
    Prime City One Capital Corp.
    Randy Koroll
    Chief Financial Officer
    (416) 867-8275
    (416) 867-8081 (FAX)