/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, May 20, 2011 /CNW/ - C2C Industrial Properties Inc. (formerly
Sargasso Capital Corporation) (the "Corporation"), a capital pool
company listed on the TSX Venture Exchange Inc., has acquired of all of
the issued and outstanding shares of C2C Industrial Properties Ltd.
("C2C") (the "Transaction").
In connection with the Transaction:
Blue Water Property Investment Inc. acquired control over 7,000,000
Common voting shares of the Corporation, at a cost of $0.15 per share,
representing approximately 19.39% of the issued and outstanding common
shares in the capital of the Corporation, as of the closing of the
Bunky Holdings Limited acquired 6,666,666 Common voting shares of the
Corporation, at a cost of $0.15 per share, representing approximately
18.47% of the issued and outstanding Common shares in the capital of
the Corporation, as of the closing of the Transaction.
The Common voting shares held by Blue Water Property Investment Inc. are
held in escrow pursuant to the requirements of the TSX Venture
For a full description of the Transaction, please refer to the filing
statement of the Corporation filed on www.sedar.com on May 2, 2011.
Messrs. Blue Water Property Investment Inc. located at 210 Indian Valley
Trail, Mississauga, Ontario L5G 2K6 and Bunky Holdings Limited located
at 100 University Avenue, Suite 700, Toronto, Ontario M5J 1V6 are
issuing this press release pursuant to the requirements of National
Instrument 62-103 - The Early Warning System and Related Take-Over Bid
and Insider Reporting Issues - and applicable Canadian securities
Additional information concerning the Corporation is available on SEDAR.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The TSX
Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of the
contents of this release.
SOURCE C2C Industrial Properties Inc
For further information:
Christopher Ross, President
C2C Industrial Properties Inc.
Tel.: (416) 922-5553
Fax: (416) 922-6667