NEX Symbol: COF.H
TORONTO, Feb. 2, 2012 /CNW/ - Coventree Inc. (NEX: COF.H) ("Coventree"
or the "Company") announced today that it has recovered the amounts
owing to it by certain companies owned by Dean Tai.
Previously, the Company disclosed that loans totalling approximately
$1.62 million as at December 31, 2011 and owed to Coventree by certain
companies owned by Dean Tai were in default and that, in order to
recover the amounts owing, the Board of Directors had authorized the
sale in the market of the 500,000 shares of Coventree pledged by those
companies as security for those loans. That sale has now been
completed. Approximately 456,000 shares were sold in the market at an
average price of approximately $3.89 per share. As a result, the
Company has recovered the amounts owing in respect of the loans in
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(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Coventree Inc.
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