BURLINGTON, ONTARIO--(Marketwired - April 23, 2013) - Tempus Capital Inc. ("Tempus") announces it has entered into an Agreement of Purchase and Sale to purchase a portfolio (the "Portfolio") consisting of eleven tenanted commercial / retail buildings in Ontario covering 505,000 sq. ft. The vendor is a privately-held Canadian real estate entity.
The purchase price for the Portfolio is $100,003,136. Closing is anticipated for Q4 2013, subject to normal due diligence review and equity financing. The purchase price shall be paid by a combination of assumed mortgages, VTB, cash and the issuance of Tempus shares, with the exact number of each to be finalized by the parties after completion of such due diligence review.
"Tempus continues to execute on its strategy to deliver real growth to its shareholders," said Chief Executive Officer Russell Tanz. "This portfolio purchase reinforces management's growth strategy, which is acquiring properties that are off-market transactions comprised of family held portfolios, and will significantly add to Tempus' cash flow. We continue to anticipate 2013 will be an exciting year for our shareholders." With management's focus on this Portfolio acquisition, Tempus has elected not to proceed with the "Second Agreement" as set out in its press release of January 14, 2013. Releases have been exchanged and Tempus' deposit has been returned to 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 contains 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, the Company 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 the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause the actual results, performance or achievements of the Company 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.