CPI Crown Properties International Corporation

CPI Crown Properties International Corporation

June 22, 2005 12:19 ET

CPI Crown Properties International Corporation Wishes to Announce that it has made an Amendment to the Offering Memorandum Offering for the Offering of its Airdrie Undivided Interests Investment

CALGARY, ALBERTA--(CCNMatthews - June 22, 2005) - As previously announced, CPI Crown Properties International Corporation (TSX VENTURE:CWN) ('CPI') has been offering for sale Undivided Interests in land investments ("UDI's") to investors in the Airdrie land holdings of CPI (the 'Airdrie Lands'), which are owned by CPI through its wholly owned subsidiary Crown Capital Corporation ("CPI Capital"), through an Offering Memorandum prepared in accordance with applicable securities laws (the 'Offering'). The Offering has been amended to disclose that CPI Capital holds the Airdrie Lands as a bare trustee only for and on behalf of CPI.

This amendment was required as, due to tax considerations of CPI, the proposed transaction between CPI and CPI Capital did not proceed as contemplated. Pursuant to this fact, the promissory note evidencing the purchase price of the Airdrie Lands by CPI Capital from CPI in the sum of $5,544,000 (and secured by registration against title to the Airdrie Lands) is in the process of being discharged. Further (and consequently), the use of the funds as disclosed in the Offering was amended so that none of the proceeds of the Offering would be used to pay for the purchase of the Airdrie Lands from CPI.

The registration of the title to the Airdrie Lands at the Southern Alberta Land Titles Office remains in the name of CPI Capital, which has executed a trust agreement with CPI evidencing legal and beneficial ownership of the Airdrie Lands having been throughout with CPI, notwithstanding the registration of the Airdrie Lands with CPI Capital as registered owner at the Southern Alberta Land Titles Office.

As the Airdrie Lands are legally and beneficially owned by CPI, CPI is also now included as an Issuer under the Offering with CPI Capital. CPI Capital will continue to sell the UDI's on behalf of CPI and eventually become the developer of the property as disclosed in the Offering.

As of April 30, 2005 CPI has sold 137 UDI's of the Offering to investors. A total of 223 UDI's remain to be sold.

CPI received shareholder approval at its Annual General Meeting (held on January 5, 2005) approving the sale by CPI and their subsidiary companies of any of their present and future holdings through the use of UDI's.

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, 8,109,039 are outstanding and 2,295,266 are held in escrow.

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

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