Jannock Properties Limited

Jannock Properties Limited

January 28, 2011 09:00 ET

Jannock Properties Limited Announces Completion of Final Distribution and Voluntary Dissolution

TORONTO, ONTARIO--(Marketwire - Jan. 28, 2011) - Jannock Properties Limited ("JPL") (TSX VENTURE:JPL.UN) has made the previously announced final distribution of CAD $0.056 per unit (each unit being comprised of one Class B common share and 65 Class A special shares) to shareholders of record on January 14, 2011. In accordance with the Articles of JPL, the distribution was paid on account of the Class A special shares and no amount of the distribution was allocated to the Class B common shares.

JPL was then voluntary dissolved in accordance with the Certificate of Dissolution dated January 28, 2011 issued under the Ontario Business Corporations Act. The units of JPL will be permanently de-listed from the TSX Venture Exchange.

This distribution should be treated as a return of capital and shareholders should not realize any taxable dividends (as defined in the Income Tax Act (Canada)) in respect of the distribution. Shareholders should however consult their own tax advisors about the specific tax consequences of this distribution and the dissolution of the Corporation having regard to their own particular circumstances.

Corporate Items

The mandate for JPL was to dispose of its assets in a manner that maximizes value and distributes the net proceeds realized from those assets to shareholders in a timely fashion. 

JPL's units were listed on the TSX Venture Exchange (trading symbol: JPL.UN).

This news release may contain "forward-looking" statements within the meaning of applicable securities legislation which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of JPL to be materially different from any future results, events, expectations, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements typically contain such words or phrases such as "may", "outlook", "objective", "intend", "estimate", "anticipate", "should", "could", "would", "will", "expect", "believe", "plan" and other similar terminology suggesting future outcomes or events. These statements reflect current expectations regarding future events and are based on information currently available to the management of JPL.

Forward-looking statements involve numerous assumptions, and significant and inherent risks and uncertainties, should not be read as guarantees of future results and will not necessarily be accurate indications of whether or not such results will be achieved. You should not unduly rely on forward-looking statements as a number of factors, many of which are beyond the control of JPL, could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this release are based upon what management of JPL believes are reasonable assumptions, JPL cannot assure investors that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements and outlook are made as of the date of this news release and, except as required by applicable law, JPL assumes no obligation to update or revise them to reflect new events or circumstances.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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