TORONTO, ONTARIO--(Marketwire - Aug. 30, 2012) - C2C Industrial Properties Inc. ("C2C" or the "Company") (TSX VENTURE:CCH) announced today Mr. Michael John MacNeil, CA, has been appointed to the Company's Board of Directors and as a member of the Board's Audit Committee.
Mr. MacNeil is currently the President and Chief Operating Officer of First Gulf Corporation, a commercial real estate development and general contracting company. First Gulf has completed over $2.5 billion dollars in development projects since its inception in 1987 and currently manages a commercial portfolio in excess of four million square feet. First Gulf is part of the Great Gulf Group, a fully integrated collection of companies spanning the entire real estate spectrum across North America. Mr. MacNeil's previous experience included being the President of SmartCentres, and being a Trustee for Calloway REIT. Mr. MacNeil has a Bachelor of Commerce degree from McMaster University and is a member of the Canadian Institute of Chartered Accountants.
"John brings a wealth of industrial property development and construction expertise to C2C. His knowledge and experience will be invaluable as we accelerate our strategy to opportunistically create value through our property development, re-development and re-positioning programs," stated Brian Spence, Chairman.
"Looking ahead, we are confident our property development strategies will drive considerable value for our shareholders over the long term," added David Wright, Chief Executive Officer. "In addition to the recurring and growing cash flows provided by our stabilized core properties, and our ability to add value to underperforming properties through our proven management programs, development activities will be a key component to future growth initiatives. We look forward to John's contribution in the years ahead."
In connection with his appointment, the Company granted to Mr. MacNeil stock options to acquire 7,000 common shares. The options are exercisable at a price of $4.45 per share, for a period of 5 years from the date of grant.
About C2C Industrial Properties Inc.
C2C is a real estate investment corporation specializing in the acquisition, ownership and operation of light industrial properties across Canada. C2C currently owns 21 industrial assets totalling approximately 2.0 million square feet of gross leaseable area. More information about C2C (TSX VENTURE:CCH) is available at www.c2cip.com.
Forward Looking Statements
This document contains forward-looking statements relating to C2C and the industry in which it operates and its strategy, action plans and investments, which may involve estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond C2C's control. Consequently, readers should not place any undue reliance on such forward-looking statements. These forward-looking statements are made as of the date of this press release. C2C is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors, unless otherwise required to do so by applicable law. All forward-looking statements attributable to C2C are expressly qualified by these cautionary statements.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the 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 this press release.