InterRent International Properties Inc.

InterRent International Properties Inc.

November 30, 2006 09:00 ET

InterRent Announces Receipt of Final Court Order, Closing of Private Placement and Warrant Exercise

TORONTO, ONTARIO--(CCNMatthews - Nov. 30, 2006) -


InterRent International Properties Inc. ("InterRent" or the "Company") (TSX VENTURE:IIP)(FRANKFURT:I4N) wishes to update its shareholders as to the following corporate developments:

Receipt of Final Order for Proposed REIT Conversion

InterRent announced today that it has received final approval from the Superior Court of Justice of Ontario for the proposed plan of arrangement whereby InterRent will convert into a real estate investment trust (REIT). The REIT conversion remains subject to satisfaction or waiver of all other conditions specified in InterRent's management information circular dated October 17, 2006. It is expected that the REIT conversion will be completed on or about December 7, 2006 and the REIT units will trade on the TSX Venture Exchange under the symbol "IIP.UN".

Closing of Private Placement

InterRent also announced the completion of its previously announced non-brokered private placement of 10,193,176 common shares at a price of $0.52 per share for aggregate gross proceeds $5,300,452. InterRent intends to use the net proceeds to finance the purchase of certain real estate properties of Silverstone Equities in connection with the plan of arrangement, for deposits on potential acquisitions and to fund ancillary costs associated with the REIT conversion. The common shares are subject to a hold period of four months and a day from the date of closing.

Warrant Exercise

InterRent also announced that G. Michael Newman, President and Chief Executive Officer of InterRent exercised 340,474 warrants to purchase 340,474 common shares from treasury at a price of $0.55 per common share, for gross proceeds to InterRent of $187,260.

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

In particular, there is no assurance that the specified private placement will be completed on schedule or at all as the completion will be conditional upon prevailing market conditions. There is no assurance that the REIT conversion specified herein will be completed.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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