Northampton Group Inc.
TSX VENTURE : NHG
TSX VENTURE : NHG.DB

Northampton Group Inc.

July 11, 2007 13:44 ET

Northampton Announces Proposed Debenture Extension

TORONTO, ONTARIO--(Marketwire - July 11, 2007) - Northampton Group Inc. (TSX VENTURE:NHG) today announced that it is seeking to extend the maturity date of its 10% Debentures (TSX VENTURE:NHG.DB), which were originally dated July 22, 1997 and later amended to mature July 22, 2007, to July 23, 2012.

As well as extending the maturity date, the proposed amendments to the Trust Indenture governing the Debentures would allow the Company to redeem the Debentures at any time on notice by the Company and payment of the redeemed principal amount together with any unpaid interest and a pre-payment of 3 percent of the redeemed principal amount.

"Northampton is in a strong capital growth phase," said Vinod Patel, president and CEO of Northampton Group. "These funds will help the Company to build its new properties more economically while rewarding long-term investors with a substantial return."

Northampton continues to explore new sites for future development opportunities, in addition to continuing to increase the market share and profitability of its current operating hotels and seeking undervalued or under-utilized hotel assets. The Company will also pursue other investment and structural opportunities to diversify operations and make best use of management expertise in order to unlock share value.

ABOUT NORTHAMPTON

Northampton Group Inc. is one of Canada's top mid-market hoteliers, with ownership interests in 17 properties in Canada and the US. The Company is expert in all facets of the hotel business, from building to marketing to management. Focused on creating the best return for all stakeholders, Northampton's proven, market-sensitive strategy is to acquire or build hotels that provide great value and superior accommodation. Northampton excels in this sector, offering services that exceed expectations while still posting industry-leading margins.

Forward-looking statements

This document contains forward-looking statements relating to the performance, operations, or business environment of Northampton. These statements are based on what management believes are reasonable assumptions given currently available information and current activities. Whenever possible, these forward-looking statements are identified using words such as "anticipates,'' "believes,'' "estimates,'' "expects,'' "plans,'' "intends,'' "potential'', and similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. A number of factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements. These factors include but are not limited to those set forth in Northampton's corporate filings and other documents, found on SEDAR (www.sedar.com) or the Company's website (www.nhgi.com) . In addition, these forward-looking statements relate to the date on which they are made. Northampton disclaims any intention or obligation to update or revise any forward-looking statements for any reason. Readers should not rely on forward-looking statements.

Shares Outstanding: 25,840,887

The Canadian Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Northampton Group Inc.
    Vinod Patel
    President & CEO
    (905) 629-9992
    (905) 629-9636 (FAX)
    Website: www.nhgi.com