Prime City One Capital Corp.

March 07, 2012 17:10 ET

Prime City One Capital Corp. Provides Business Update and Announces New Director

TORONTO, ONTARIO--(Marketwire - March 7, 2012) - Prime City One Capital Corp. (TSX VENTURE:PMO.H) (the "Corporation" or "Prime City") is providing an update on the Corporation's previously announced Technology License Agreement (the "License Agreement") entered into with EcoTecnos Ltd. and its related company Geosensing (collectively, "EcoTecnos"). After review and extensive diligence by management, the Corporation's advisors and the Board of Directors of Prime City, it was determined to be in the best interest of the Corporation and its shareholders to terminate the License Agreement with EcoTecnos effective March 6, 2012. Accordingly, the Corporation will no longer pursue this change of business.

The Prime City Board of Directors is currently reviewing several alternative business plans and fully intends to pursue a change of business and, subject to shareholder and NEX approval, transfer its listing from the NEX back to the TSX Venture Exchange. The Corporation will provide further updates in due course.

Additionally, Prime City is pleased to announce that Mr. Anton Ayoub has been appointed to the Board of Directors of the Corporation.

Mr. Ayoub has extensive experience in the food and hospitality service industry including food manufacturing, set-up of food production plants as well as in the establishment of a chain of upscale corporate-owned cafés. Mr. Ayoub graduated with an engineering degree from the University of Toronto in 1982 and is a professional engineer in Ontario.

In the early years of his career, Mr. Ayoub worked internationally, executing various projects in the hospitality, entertainment and educational field including a luxury hotel and water theme park in Spain, a stadium for international competitions in Jordan and master-planned communities in Belgium. He then spent time in Europe where he worked with food equipment manufacturers in France, Belgium, the Netherlands, Italy and Austria with special focus on developing innovative, custom built food production equipment and machinery for use in high volume food production applications.

Upon his return to Canada in 1994, he started a business with a group of associates that specialized in the high volume production and sale of fresh waffles. This business venture allowed him to utilize the widespread experience he had gained in this field while working in Europe. The recipes were stabilized which supported the sale of the plain, flavoured and chocolate-dipped waffles at supermarket chains in North America and other parts of the world. During this time, he oversaw the design and construction of two major production plants in Ontario. Both of these plants achieved HACCAP and ISO certification. This venture achieved fast growth and high sales and was acquired a few years later by a multinational food corporation.

Under a separate division of the waffle production company, Mr. Ayoub established a chain of upscale European-style café-restaurants that was equally successful and was sold independently.

Reader Advisory

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

Contact Information

  • Prime City One Capital Corp.
    Lindsay Cross
    Investor Relations Manager
    (416) 368-3050