Counsel Corporation
TSX : CXS

Counsel Corporation

December 18, 2006 16:21 ET

Counsel Corporation Completes Sale of Imperial Square Property

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - Counsel Corporation (TSX:CXS) today announced that it has completed its previously announced sale of Imperial Square, a 60,000 square foot income producing property in Guelph, Ontario, for an aggregate purchase price of Cdn$14.5 Million, including assumption of a mortgage of approximately Cdn$5.4 million, subject to the usual closing adjustments. Counsel held a 75% interest in the property.

About Counsel Corporation

Counsel Corporation (TSX:CXS) is a diversified company focused on the acquisition of businesses in diverse industry sectors and at various stages of their business life cycles. Its goal for acquired businesses is to create value within these businesses and to realize on the value creation at the appropriate time. Counsel currently operates in four specific sectors: long-term care, case goods, real estate, and patent licensing. For further information, visit Counsel's website at www.counselcorp.com.

Forward-Looking Statements

The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel Corporation's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which Counsel Corporation currently operates, but because of the factors listed herein, as well as other factors beyond Counsel Corporation's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings.

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