Redex Inc.

Redex Inc.

December 03, 2007 12:13 ET

Redex Announces the Signature of an Accepted Offer to Purchase a Residential Property for $3,950,000

MONTREAL, QUEBEC--(Marketwire - Dec. 3, 2007) - Redex Inc. ("Redex") (TSX VENTURE:RDX)(FRANKFURT:W1F) is pleased to announce it has, by the intermediary of its wholly-owned subsidiary, secured an accepted offer to purchase a residential property from 9073-8824 Quebec Inc. The property, located in the City of Saint-Jerome, is comprised of 40 rental apartments generating at least $432,000 of gross revenue per year and has a land surface of approximately 3,690 square meters. The agreed upon purchase price is CAD$3,950,000.

"This acquisition is in direct line with Redex's expansion plan to convert rental properties into 'divided' co-ownerships in municipalities that welcome conversions. It is our intention that this new property be the first of many 'divided' conversions by Redex.", said Redex President and Chief Executive Officer, Michel Piette.

This transaction is subject to regulatory approval. This is furthermore an arms' length transaction and no commission will be paid by Redex in conjunction with it.


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About Redex Inc.

In recent years, Redex had become a leader in real estate recovery and restructuring. Turning its attention to the future, Redex is now committed to becoming the leader in the art of converting residential rental housing into co-ownerships.

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

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