Corporate Properties Limited

May 20, 2005 14:02 ET

Corporate Properties Limited Press Release

TORONTO, ONTARIO--(CCNMatthews - May 20, 2005) - The Board of Directors of Corporate Properties Limited (TSX VENTURE:CPR) is pleased to report that the Cease Trade Order imposed on May 6, 2005 for late filing of the Company's audited financial statements for the year ended December 31, 2004 was rescinded on May 10, 2005. Pursuant to its policies, the TSX Venture Exchange conducted a reinstatement review prior to lifting the trading suspension placed on the Company shares due to the Cease Trade Order. That review has now been completed and its shares are expected to be reinstated to trade on Wednesday May 25, 2005. The policy for filing deadlines for year end statements was changed this year to 120 days after year end from 140 days after year end.

In addition, the Company wishes to announce that effective May 17, 2005 Mr. Roderick MacDonald has been appointed as the Company's Chief Financial Officer. Mr. MacDonald held positions with the OSC from 1985-1990 as a both a corporate finance accountant and an enforcement accountant, and has since been employed in a Chief Financial Officer capacity of a major Toronto insurance brokerage firm.

The Company completed refinancing of the first mortgage on its Cranberry Cove Resort Property in Bala on April 8, 2005 in the amount of $3,750,000 for a further two year period.

The Company announced on May 2, 2005 that it signed a Letter of Intent to purchase 100% of the shares of Technology Solutions Group from Mr. Peter Rooney, a Company Director. This transaction has been put on hold until further notice. Mr. Rooney will head up the travel marketing subsidiary of the Company and will focus on the development of the Customer Relationship Management software which will be integral to the marketing efforts for the products and services of the entire Company.

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

Contact Information

  • Corporate Properties Limited
    Thomas Sheppard
    (416) 966-6885