CanaDream Corporation
TSX VENTURE : CDN

CanaDream Corporation

October 07, 2015 09:00 ET

CanaDream Corporation Announces Completion of Sale of Delta Property

CALGARY, ALBERTA--(Marketwired - Oct. 7, 2015) - CanaDream Corporation (TSX VENTURE:CDN) today announced it has completed the sale of its Delta property located at 7119 River Road, Delta, B.C.

The Company completed the sale of its current Delta location for total proceeds of $3.6 million on September 30, 2015. As a result of the sale, the Company will realize a gain of $934,000, to be recorded in the second quarter of the fiscal year ending April 30, 2016. After deducting expenses related to transaction costs and the outstanding mortgage balance, the Company received net cash proceeds of $1.7 million.

Construction is in progress on the Company's new 18,000 square foot facility located on four acres at 8199 92nd Street, Delta, B.C. with anticipated completion in the fall of 2016. During this transition period, the Company entered into a twelve month lease for their current premises with the new owners with the option to extend the lease to February 28, 2017.

CanaDream Corporation promotes Canada and the opportunity to "experience Canada at your own pace™" in recreational vehicles and sells its guest experienced recreational vehicle fleet on a wholesale and retail basis. The Company is utilizing its proprietary business-to-business web-enabled system, www.canadasbest.com, and its business-to-consumer on-line internet reservation system, www.canadream.com, to operate and expand its network of RV rental locations in Canada. CanaDream maintains six Company-operated locations in Calgary, Vancouver, Whitehorse, Toronto, Montreal, and Halifax. CanaDream now offers a global RV solution by partnering with Apollo Motorhome Holidays in Australia, New Zealand and the USA. The Company is also leveraging its proprietary technology to build a collective membership network of associate dealers that are fully interconnected to CanaDream's e-commerce systems. CanaDream currently has one associate dealer franchisee in Edmonton, Alberta.

Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • CanaDream Corporation
    Mr. Brian Gronberg
    President & CEO, CanaDream Corporation
    Toll Free: 800-461-7368
    BRIAN@canadream.com