Jannock Properties Limited

Jannock Properties Limited

March 09, 2005 10:28 ET

Jannock Properties Limited Reports Completion Of Sale Of Remaining Milton Sites




MARCH 9, 2005 - 10:28 ET

Jannock Properties Limited Reports Completion Of Sale
Of Remaining Milton Sites

TORONTO, ONTARIO--(CCNMatthews - March 9, 2005) - Jannock Properties
Limited (TSX VENTURE:JPL.UN) today announced that it has completed the
sale of the remaining two parcels of land located in Milton for
$2,700,000 cash. This sale completes the disposal of the Company's real
estate properties.

Currently the Company is holding mortgages receivable of $9,500,000
relating to properties that have been previously sold. In addition the
Company has the right to receive approximately 25% of any net proceeds,
after repayment of senior debt, if, and when, the current equity-holders
decide to sell their interest in Jancor Companies, Inc. Jancor
Companies, Inc. is a US manufacturer of residential vinyl siding,
windows and outdoor furniture

The Ontario Municipal Board (OMB) is expected to hear claims for the
awarding of costs relating to the recent OMB hearing on the rezoning of
the Britannia site in the Second Quarter of 2005. The Company will wait
for the outcome of the costs appeal before making any decisions on any
future distributions to shareholders.

Jannock Properties Limited is headquartered in Mississauga, Ontario. The
mandate for the Company is to sell its assets for the best price
possible and to distribute the proceeds to its shareholders. Jannock
Properties Limited's shares are listed as a unit on the TSX Ventures
Exchange (trading symbol: JPL.UN) and each unit currently consists of a
combination of one Class B common share and 90 Class A special shares.

Forward-looking statements contained in this news release involve risks
and uncertainties that could cause actual results to differ materially
from those contemplated by such statements. Factors that could cause
such differences include local real estate markets, zoning applications,
changes in interest rates and general economic conditions. In addition
there are risk factors described from time to time in the reports and
disclosure documents filed by Jannock Properties Limited with Canadian
and U.S. securities regulatory agencies and commissions.


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