Prime City One Capital Corp.

January 21, 2010 16:39 ET

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

TORONTO, ONTARIO--(Marketwire - Jan. 21, 2010) - Prime City One Capital Corp. (TSX VENTURE:PMO) (the "Corporation" or "Prime City"), announces the sale of the remaining 50% interest in the 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 of this 50% interest is the holder of the other 50% interest in the property. The aggregate purchase price to be paid for the 50% interest in this property is $1.2 million. As the Corporation owns 60% of the foregoing interest, its proportion of the gross sale proceeds will be $720,000. The proceeds from this sale will be used to repay all outstanding indebtedness owing to the secured debenture holders of the Corporation, which is approximately $676,000 in principal and $16,000 in accrued but unpaid interest. An aggregate of approximately $26,000 in realty and consulting fees are payable upon completion of the sale. The sale is subject to the approval of the TSX Venture Exchange. Subject to review and approval of the TSX Venture Exchange, the transaction is expected to close prior to January 31, 2010.

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.

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