The Griffin Corporation

The Griffin Corporation

September 11, 2007 16:32 ET

The Griffin Corporation Renews Its Operations Management Agreement With Vista Hospitality Co. Canada Inc.

KITCHENER, ONTARIO--(Marketwire - Sept. 11, 2007) - The Griffin Corporation ("Griffin") (TSX VENTURE:GRN) announced today that it has renewed its Operations Management Agreement with Vista Hospitality Co. Canada Inc. ("Vista"), for a further term of five years (the "Renewal Agreement"). Vista will continue to manage Griffin's properties in Sudbury, Hamilton, Kitchener and Timmins.

In consideration for its services, Vista will be paid management fees equal to the higher of 15% of the operating expenses of the properties or 4% of their gross revenue, with a minimum of $30,000 per annum. Vista will also be entitled to receive an incentive fee equal to 20% of the net operating income (income before depreciation) after debt service on an annual basis and also receive a percentage of the net profit from any sale or refinancing (provided such refinancing adds or increases the value of any such property) from any property that is purchased, refinanced or sold but not to exceed the gross amount of 20% of said net profit calculated in accordance with GAAP, before payment of management fees described above.

This Agreement remains conditional upon receipt of all necessary regulatory approvals. Griffin shall also seek the approval of its shareholders with respect to the Renewal Agreement (including approval of disinterested shareholders) at its next annual meeting or any special meeting held prior to such annual meeting.

For further information, contact Irwin W. Pasternak at (519) 744-4400, visit Griffin's website at, or by mail at 73 King Street West, 2nd Floor, Kitchener ON N2G 1A7.

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

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