Tempus Capital Inc.

Tempus Capital Inc.

December 19, 2013 15:38 ET

Tempus Capital Acquires $5.4M Plaza and Provides Update on LOI with Panda Capital

BURLINGTON, ONTARIO--(Marketwired - Dec. 19, 2013) - Tempus Capital Inc. ("Tempus") announces it has closed on its previously announced purchase of a 32,000 sq. ft commercial/retail plaza in southwestern Ontario. Tenants include BDO Dunwoody LLP, Staples Canada Inc., Dollar Tree Canada and Dominos Pizza. The purchase price of $5,450,000 was satisfied in part by a first mortgage of 70% LTV at an interest rate of 4.03% and in part by vendor financing.

"Tempus is very pleased to deliver this value to its shareholders," said Russell Tanz, Tempus CEO. "This acquisition is the next step in executing Tempus' business strategy of acquiring strong income producing strategic assets outside of Toronto. There are many such higher yield, lower risk assets available in today's environment, which opportunities we can access through our board, network of contacts and management team."

Tempus continues with its normal course due diligence review of the privately-held assets identified in its April 23, 2013 press release, for which the purchase price is approximately $100,003,136.

Tempus also is continuing with its previously announced Letter of Intent dated December 5, 2013 with Panda Capital Inc. ("Panda") whereby Panda will acquire all of Tempus' common shares (the "Proposed Transaction"). Panda is a Capital Pool Company whose shares are currently listed on the NEX division of the TSXV. The Proposed Transaction is intended to be Panda's Qualifying Transaction pursuant to TSXV policies and is subject to regulatory approval. Tempus intends to raise further financing to fund its costs related to the Proposed Transaction, to address the vendor financing on the current acquisition and to fund working capital.

About Tempus

Tempus is a reporting issuer in British Columbia, Ontario and Alberta. None of Tempus` securities trade through any stock exchange or quotation facility.

On behalf of the board of directors

Tempus Capital Inc.

Russell Tanz, President and CEO

This press release may contain certain forward-looking statements, which reflect Management's expectations regarding the Company's completion of the proposed Portfolio acquisition and the anticipated closing date thereof constitute forward-looking statements. Whenever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Tempus cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Tempus assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause Tempus' actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. No regulator nor any Regulation Services accepts responsibility for the adequacy or accuracy of this press release. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Contact Information

  • Tempus Capital Inc.
    Russell Tanz
    President and CEO