The Griffin Corporation
TSX VENTURE : GRN

The Griffin Corporation

March 27, 2007 12:00 ET

Zayma Realty Holdings Inc. Acquires Shares of the Griffin Corporation

KITCHENER, ONTARIO--(CCNMatthews - March 27, 2007) - Zayma Realty Holdings Inc. Acquires Shares of the Griffin Corporation (the "Company" or "Griffin")(TSX VENTURE:GRN), Zayma Realty Holdings Inc. ("Zayma") is a real estate investment company incorporated in Ontario.

On March 26, 2007, Zayma completed a previously-announced agreement to acquire 4,670,849 common shares in the Company in a private transaction at $0.09 per share (see news release dated February 23, 2007). These shares, along with shares already owned by Zayma, Vista Hospitality Company Canada Inc. and Malekkhanu & Sherali Fazal Visram Foundation, aggregate 10,541,090 shares and represent approximately 42.45% of the current number of common shares of the Company outstanding. The shares are being acquired by Zayma for investment purposes. The Agreement gives Zayma voting rights to the purchased shares both before and after the date of the Agreement and includes exchanges of releases among Griffin, the dissidents who contested the results of the election of directors at Griffin's July 21, 2006 shareholders meeting, and others.

Zayma may buy or sell shares or other securities of the Company in the open market, in private transactions or otherwise depending on the market conditions and other factors.

Contact Information

  • Zayma Realty Holdings Inc.
    Mr. Asish K. Hari
    (519) 744-4400
    or
    Zayma Realty Holdings Inc.
    Radhika Vaidyanathan
    (519) 744-4400