Leisure Canada Inc.

September 02, 2010 12:00 ET

Leisure Canada Commends Cuban Golf Course Initiative

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2010) - Leisure Canada Inc., (TSX VENTURE:LCN) a Canadian corporation with three large-scale luxury real estate projects under development, applauds the Cuban government's recent decision to allow foreign investors to use state-owned land for up to 99 years in a change that will accelerate development of luxury hotels and golf courses on the island.

The new law, published in the Official Gazette on Thursday August 26 2010, is aimed at "facilitating the process of participation of foreign investment in international tourism" by giving "greater security and guarantee to the foreign investor in the real estate business," according to Reuters.

Robin Conners, President and CEO of Leisure Canada, sees this change as a historic landmark that will spur development of Cuba's tourism infrastructure, helping to drive more visits and more foreign dollars into the economy. "It will serve to make Cuba much more competitive relative to Latin American tourism and help to attract thousands of new consumers to the Island."

Conners explains that Cuba can now offer the benefits of 99 years of ownership which facilitates bank financing, inspiring foreign buyers and investors to build new product in Cuba's popular recreational resort sector. This will be a major boost to the economy and for companies like Leisure Canada with three ideally located luxury projects already under way.

"We see this important and reasoned decision as a progressive step that will have an important positive impact on Cuba's economy and standard of living," Conners notes.

About Leisure Canada Inc.

Leisure Canada Inc. is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "LCN". The Company is engaged in the business of developing hotel, resort and commercial properties in Cuba through its wholly-owned subsidiary, Wilton Properties Ltd. ("Wilton"), in joint venture with Grupo Hotelero Gran Caribe S.A. ("Gran Caribe"), an agency of the Cuban government.

For further information on the Company please visit our website at www.leisurecanada.com. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).

This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These forward-looking statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "expect," "plan," "anticipate," "believe," "intend," "estimate," "predict," "forecast," "outlook," "potential," "continue," "should," "likely," or the negative of these terms or other comparable terminology. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. 

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

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