Reibanc USA, Inc.

Reibanc USA, Inc.

August 15, 2005 12:16 ET

Reibanc USA, Inc. Signs Joint Venture and Hires New President

EDMONTON, ALBERTA--(CCNMatthews - Aug. 15, 2005) - Reibanc USA, Inc. (PINK SHEETS:RBAN) wishes to announce that a majority of shareholders elected a new Board of Directors and a new CEO. The new CEO and Director of the corporation will be Jason Taylor.

Jason Taylor is a self employed independent businessman. Jason has been self employed for the past nine years and has extensive contacts in Alberta.

Reibanc wishes to thank David Crombie for his work with the company and the company looks forward to working with David on new projects in the future.

As previously announced on May 16, 2005, Reibanc has signed a joint venture agreement with Ridge Development Corporation ("Ridge"). The joint venture agreement calls for Reibanc to finance projects with Ridge developing the land. Profits from the projects will be split 50/50.

Ridge Development Corporation and its president John Barath have a 30 year track record of construction expertise. Mr. Barath has developed approximately $1 billion in real estate during his career. Mr. Barath has been involved in a variety of projects across Canada during his career but has been focused on the Edmonton area for the past six years.

Ridge has an option to purchase 12 acres of development land in Edmonton, Alberta. The development site is located at 184 Street and 100 Avenue in Edmonton, Alberta. Located within about a 4 minute driving distance to the West Edmonton Mall, which is one of the largest tourist attractions in North America.

Upon exercising its option Ridge is proposing to develop the property in three phases.

The first phase will consist of approximately forty thousand square feet of commercial, retail space. This space could include a bank, restaurants, video store and various other retail stores. The proposition for the second phase is to develop two hotels and a professional center. The proposition for the third phase is to build extended stay, extended care facilities and a 150 suite condominium project.

Reibanc USA, Inc. is a real estate development and finance company. The strategy of the company is to invest in developers who have acquired real estate and require mezzanine financing in the early stages of the projects prior to the construction and permanent financing being put into place. In certain cases the company will attempt to acquire real estate assets where an opportunity exists to purchase below appraisal or where an existing income stream is in place.

This news release includes forward-looking statements that reflect Reibanc USA Inc.'s current expectations about its future results, performance, prospects and opportunities. Reibanc USA, Inc. has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward- looking statements are based on information currently available to Reibanc USA, Inc. and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects of opportunities in the remainder of 2005 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.

Contact Information

  • Reibanc USA, Inc.
    Tracy McLeod
    Investor Relations
    (780) 483-9364