Prime City One Capital Corp.

March 18, 2010 17:12 ET

Prime City One Capital Corp. Announces Closing of Real Estate Asset Sale and Transfer to NEX

TORONTO, ONTARIO--(Marketwire - March 18, 2010) - Prime City One Capital Corp. (TSX VENTURE:PMO) (the "Corporation" or "Prime City"), announces the closing of the sale of the remaining 50% interest in its Richmond Hill development property (60% of which is owned by the Corporation and 40% of which is owned by a director of the Corporation). The Purchaser is the holder of the other 50% interest in the property. In consideration for the real estate sale, Prime City is receiving a gross amount of $720,000, which is being used to repay outstanding liabilities of the Corporation. This sale was unanimously approved by the Corporation's shareholders at its special meeting held on March 10, 2010 and final approval of the TSX Venture Exchange has been granted in respect of this sale. For further details please refer to the Corporation's January 21, 2010 news release. 

In conjunction with the real estate sale, the Corporation will no longer satisfy the listing requirements for a TSX Venture Tier 2 Real Estate Issuer. Accordingly, effective at the opening of markets on Monday, March 22, 2010, the listing of Corporation's common shares will be transferred to the NEX and the trading symbol for the Corporation will change from PMO to PMO.H. The Company is currently analyzing several new businesses and will present management's selection to the Corporation's shareholders and the TSX Venture Exchange for approval with the intent of re-applying to the TSX Venture to regain its listing.

About Prime City One Capital Corp.

Prime City holds equity interests in Canadian Oil Recovery & Remediation Enterprises Ltd. and Spot Coffee (Canada) Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Prime City One Capital Corp.
    Lindsay Cross
    Investor Relations Manager
    (416) 368-3050