Prime City One Capital Corp.

May 20, 2009 16:19 ET

Prime City One Capital Corp. Announces Partial Sale of Real Estate Asset and Director Resignation

TORONTO, ONTARIO--(Marketwire - May 20, 2009) - Prime City One Capital Corp. (the "Corporation" or "Prime City") (TSX VENTURE:PMO), announces that its wholly-owned subsidiary, BDE Equities Inc. ("BDE"), has entered into a Share Purchase Agreement with Innomarque (Canada) Inc. in Trust for Hassan Dahlawi pursuant to which it has agreed to sell a 20% interest in the Richmond Hill development property for the purchase price of $450,000 in cash. Subject to review and approval of the TSX Venture Exchange, the transaction is scheduled to close on or before May 29, 2009. Prime City, through BDE, will remain holding an overall ownership interest of 30% in the Richmond Hill development property.

Additionally, the Corporation reports that Mr. Luay Khoury has resigned as a director of the Corporation. The Corporation expresses its most sincere thanks to Mr. Khoury for his contributions to Prime City and best wishes on his future endeavors.

About Prime City One Capital Corp.

Prime City holds equity interests in Canadian Oil Recovery & Remediation Enterprises Ltd. and Spot Coffee (Canada) Inc. Prime City is also the 100% parent of BDE. BDE holds a 50% interest in one property in Richmond Hill, Ontario upon which it is planning to build 141 condominium residential units.

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

Contact Information

  • Prime City One Capital Corp.
    Robert Carbonaro
    Vice President
    (416) 368-3050 ext 277
    (416) 368-4469 (FAX)