Prime City One Capital Corp.

June 10, 2009 15:35 ET

Prime City One Capital Corp. Announces Completion of Partial Sale of Real Estate Asset

TORONTO, ONTARIO--(Marketwire - June 10, 2009) - Prime City One Capital Corp. (the "Corporation" or "Prime City") (TSX VENTURE:PMO), advises that the previously announced sale of a 20% interest in the Richmond Hill development property for the purchase price of $450,000 in cash (see the Corporation's prior press release dated May 20, 2009) has been approved by the TSX Venture Exchange and subsequently completed. The purchaser of this interest is Hassan Dahlawi, a director of the Corporation. This transaction is therefore considered a non-arm's length party transaction. Prime City, through its wholly-owned subsidiary, BDE Equities Inc., will remain holding an overall ownership interest of 30% in the Richmond Hill development property.

About Prime City One Capital Corp.

Prime City holds equity interests in Canadian Oil Recovery & Remediation Enterprises Ltd. and Spot Coffee (Canada) Inc. Prime City is also the 100% parent of BDE. BDE holds a 30% interest in one property in Richmond Hill, Ontario upon which it is planning to build 141 condominium residential units.

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.
    Robert Carbonaro
    Vice President
    (416) 368-3050 ext 277
    (416) 368-4469 (FAX)