CPI Crown Properties International Corporation

CPI Crown Properties International Corporation

November 29, 2006 15:19 ET

CPI Crown Capital Corporation: Construction Financing of Phase 1 of Airdrie Project

CALGARY, ALBERTA--(CCNMatthews - Nov. 29, 2006) - CPI Crown Properties International Corporation (TSX VENTURE:CWN) ("CPI") is pleased to announce that on November 6, 2006, CPI Crown Capital Corporation ("CPI Capital") obtained financing (the "Financing") in the amount of $19,194,000 for construction of its 500 residential condominium unit project in Airdrie, Alberta (the "Airdrie Project"). The Financing has been secured by way of a Promissory Note and a first collateral mortgage (containing a covenant to pay of CPI Capital) registered against the Airdrie Project, and a corporate guarantee provided by CPI.

Construction of 119 condominium units in phase 1 of the Airdrie Project is in progress and is expected to be completed by summer 2007.

Due to the delay in the advance of the first draw of the Financing, CPI Capital required a loan of funds and CPI obtained same from Devtex Ltd. (the "Devtex Loan"), a corporation owned by the Kazakoff Family Trust, the beneficiaries of which are the children of Nicholas Kazakoff, CEO and a director of CPI. Nicholas Kazakoff is not a trustee of the Kazakoff Family Trust and has no financial interest in the Kazakoff family Trust. The Devtex Loan is a loan of the sum of $750,000 to CPI for a term of two years at an interest rate of 12% per annum, which is evidenced by way of a promissory note, fully open for payment in whole (or in part or parts) by CPI. CPI intends to pay the Devtex Loan as soon as it is financially able. CPI in turn loaned the amount of the Devtex Loan to CPI Capital for use in the construction of the Airdrie Project on the same terms as the Devtex Loan. Mr. Nicholas Kazakoff is one of the directors of Devtex Ltd.

CPI CROWN PROPERTIES INTERNATIONAL CORPORATION IS A TIER 1 Company whose common shares are listed for trading on the TSX Venture Exchange under the symbol of CWN. There are currently 10,404,305 shares issued and outstanding.

CPI Crown Properties International Corporation is a Calgary based land development company.

Certain statements in this news release could constitute forward-looking statements. The Corporation's line of business involves risk, uncertainties and other factors which may cause actual results, performance or achievements of CPI to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.

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

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