Prime City One Capital Corp.

May 02, 2008 14:13 ET

Prime City One Capital Corp. Update on Earlier Share Transfer Announcements

TORONTO, ONTARIO--(Marketwire - May 2, 2008) - Prime City One Capital Corp. (the "Corporation" or "Prime City One") (TSX VENTURE:PMO), announces that a private corporation that is owned and controlled by Mr. Frank Bellotti, Vice President of the Corporation, has completed the previously announced transfer of an aggregate of 7,000,000 common shares in the capital of the Corporation ("Common Shares") to Mr. Robert Carbonaro of Toronto, Ontario, who serves as Vice President, Corporate Finance of the Corporation. After giving effect to this transfer, Mr. Carbonaro now owns or controls an aggregate of 7,000,000 Common Shares, which represents approximately 11% of the issued and outstanding Common Shares (non-diluted). The foregoing transfer was completed pursuant to a private agreement and 6,650,000 of the Common Shares that are the subject of this transfer remain subject to an escrow agreement dated January 1, 2007 that was entered into between the Corporation and certain of its principal shareholders upon completion by the Corporation of its Qualifying Transaction with BDE Equities Inc. In accordance with applicable securities laws, Mr. Bellotti has filed a "Notice of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 - Resale of Securities" on Form 45-102F1 and Mr. Carbonaro has filed an Early Warning Report detailing the particulars of the aforementioned transfers. Both items have been filed under the Corporation's profile at For further details regarding these transfers, investors are encouraged to make reference to such filings.

The Corporation is further pleased to announce that it has issued 350,000 Common Shares at an ascribed price of $0.10 per share in full settlement of all outstanding legal fees and disbursements owed to its former counsel, Fogler Rubinoff LLP. In accordance with applicable securities laws, the foregoing Common Shares are subject to a four-month hold period.

About Prime City One Capital Corp.

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. 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)