The Griffin Corporation

The Griffin Corporation

February 28, 2005 09:32 ET

Griffin to Sell Huron Market Place & Acquire Additional Properties


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GRIFFIN CORPORATION

TSX VENTURE SYMBOL: GRN

FEBRUARY 28, 2005 - 09:32 ET

Griffin to Sell Huron Market Place & Acquire
Additional Properties

KITCHENER, ONTARIO--(CCNMatthews - Feb. 28, 2005) - The Griffin
Corporation (TSX VENTURE:GRN)is pleased to announce it has entered into
a purchase and sale agreement for its property at 1251 Huron Street,
'Huron Market Place', located in London Ontario. The sale is scheduled
for closing on March 24th, 2005.

When the sale is completed, the company will realize a significant
profit. As a result, earnings per share for the 1st Quarter 2005 are
anticipated to be in the mid to high single digits.

"In keeping with our ongoing business plan the property was acquired in
February of 2003 well below replacement cost. Since that time new leases
were entered into bringing occupancy to 100%. While existing leases were
renewed at increased rental rates the property also underwent an
exterior renovation." reported Irwin Pasternak, Chairman.

Griffin also reports that Management continues working towards arranging
acceptable financing in order to complete the purchase of the 50%
interest in the 101 Mall in Timmins, Ontario that it currently does not
already own and 100% interest in an office building located in Sudbury,
Ontario.

"The sale of the London property and the targeted property acquisitions
are very strategic for Griffin Corporation. In addition to realizing a
very significant profit from the sale, the overall size of our portfolio
is set to rise. As a direct result of these efforts, for 2005 Griffin
Corporation looks to boast a dramatically improved balance sheet and
realize a significant increase in cash flow from operations and net
income per share." reports Amin S. Visram President & CEO.

Griffin also advises that the 2,000,000 share purchase option previously
granted to Griffin's former advisor, Mr. Chuck Magwood, have expired.

About Griffin...

The Griffin Corporation (GRN: TSX Venture Exchange - 23,893,954 shares
issued) is a real estate investment company that presently owns income
producing commercial real estate in Hamilton, Kitchener, and Timmins,
Ontario including a 100% interest in "The Sir William Osler Medical
Center" at 565 Sanatorium Road in Hamilton, Ontario; a 100% interest in
73 King Street, Kitchener, Ontario; and a 50% interest in "The 101 Mall"
at 38 Pine Street in Timmins, Ontario.

This news release contains certain forward-looking statements that
reflect the current views and expectations of the company with respect
to its performance, business and future events. Such statements are
subject to a number of risks, uncertainties, and other factors which may
cause actual results, performance, or achievements of Griffin to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Griffin Corporation
    Irwin W. Pasternak
    Chairman
    (905) 624-4646 ext 23
    (519) 744-5500 (FAX)
    irwinp@interlog.com