Corporate Properties Limited
TSX VENTURE : CPR

November 22, 2006 15:45 ET

Corporate Properties Limited Changes Its Name to SeaMiles Limited

TORONTO, ONTARIO--(CCNMatthews - Nov. 22, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Corporate Properties Limited (TSX VENTURE:CPR) (the "Company") announces that it has filed articles of amendment to change its name to SeaMiles Limited. The name change is subject to formal TSX Venture Exchange ("TSXV") approval. Once this approval has been obtained, the name change will be reflected on the TSXV and the common shares of SeaMiles Limited will be identified by its new stock ticker symbol "SEE". Shareholder approval for the name change was granted on June 14, 2006. The reason for the name change is management believes that, while the Company is still primarily a real estate-based entity, its best prospects for future growth lie in the points loyalty rewards program of its Florida-based subsidiary, SeaMiles, LLC. For further information about SeaMiles, LLC, please refer to the Company's news release dated November 13, 2006 detailing its recent marketing agreement with Chase Bank USA N.A., the credit card division of JPMorgan Chase.

Forward-looking statements

Certain terms or statements made that are not historical facts, such as references to obtaining TSX Venture Exchange approval or the Company's prospects for future growth, are "forward-looking statements". These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the Company's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in the Company's corporate filings, (posted at www.sedar.com). Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release.

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