January 05, 2011 16:27 ET

Phoenix Acquires Units of Banff Rocky Mountain Resort

TORONTO, ONTARIO--(Marketwire - Jan. 5, 2011) - Phoenix Capital Inc. announces that it has purchased 1,920 units (the "Units") representing 8.3% and now owns 4,505 Units representing 19.6% of the outstanding Units of Banff Rocky Mountain Resort Limited Partnership (the "Partnership"). The Units were acquired from Global Equity Corporation, a party that may be considered to be a joint actor. Phoenix Capital Inc. now holds 4,505 or 19.6% of the outstanding Units. The units were acquired privately for $56 per unit for a total consideration of $107,520. The units were acquired for investment purposes. Phoenix Capital Inc. may increase its interest in the Partnership in the future. This news release is not an admission that Global Equity Corporation is a joint actor with Phoenix Capital Inc.

On May 20, 2010 the limited partners of Banff Rocky Mountain Resort Limited Partnership approved the sale of Banff Rocky Mountain Resort and the dissolution of the partnership. The sale was closed effective June 1, 2010 and it is expected that the partnership will be dissolved in June 2011.

Contact Information

  • Phoenix Capital Inc.
    Jim Hamilton