CHARTER REALTY HOLDINGS LTD.
TSX VENTURE : CRH.P

CHARTER REALTY HOLDINGS LTD.

October 20, 2006 15:44 ET

Charter Realty Holdings Ltd. 'TSX-V: CRH.P' Announces Appointments and Option Grant

TORONTO, ONTARIO--(CCNMatthews - Oct. 20, 2006) - Charter Realty Holdings Ltd. (the "Company") (TSX VENTURE:CRH.P) is pleased to announce the appointment of Mark Gardhouse to the Board of Directors of the Company and Ari Silverberg as Chief Operating Officer of the Company. Mr. Silverberg's appointment is subject to the approval of the TSX Venture Exchange.

Mark Gardhouse is President of C.A. Bancorp Inc. and has over 22 years of experience as a merchant banker both at financial institutions and as a direct principal. Before joining C.A. Bancorp, Mr. Gardhouse was Managing Director of corporate finance at Roynat Capital Inc., a division of Scotiabank, where he was responsible for establishing and developing the "in house" buyout and corporate finance group. Prior to his tenure at Roynat, Mr. Gardhouse negotiated and structured financial transactions and acquisitions for various firms and banks, including National Bank of Canada, Lincoln Capital and First Chicago.

Ari Silverberg has significant experience in negotiating, structuring and managing real estate transactions. Prior to joining Charter Realty Holdings Inc., Mr. Silverberg worked as a senior director at Chicago-based General Growth Properties Inc., responsible for the evaluation, acquisition and development of retail and mixed-use real estate opportunities. Most recently, Mr. Silverberg served as a member of RioCan REIT's development group in Toronto.

The Company has granted an aggregate of 385,000 incentive stock options (the "Options") to certain of its directors, officers and employees. The Options shall vest in equal proportions on each of the following three dates: October 19, 2006, October 19, 2007 and October 19, 2008, and upon vesting each Option shall entitle the holder thereof to purchase one common share of Charter Realty Holdings Ltd. at a price of $0.24 until October 19, 2011.

Charter Realty Holdings Ltd. is a capital pool company governed by the policies of the TSX Venture Exchange. The Company's principal business is the identification and evaluation of real estate assets and businesses with a view to completing a qualifying transaction.

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

Contact Information

  • Charter Realty Holdings Ltd.
    Ari Silverberg
    (416) 861-8729, Ext. 520
    (416) 364-2398 (FAX)