Grandfield Pacific Inc. announces the Sale of the Discovery Inn Hotel

YELLOWKNIFE, Feb. 3 /CNW/ - Grandfield Pacific Inc. ("Grandfield") announces today the sale of the Discovery Inn Hotel.

Regency International Hotels Ltd, a wholly-owned subsidiary of Grandfield, has signed an agreement and removed all conditions to sell its entire interest in the Discovery Inn Hotel (the "Hotel") located in Yellowknife, Northwest Territories to 4956 N.W.T Ltd.  (the "Purchaser") for $2,550,000

Final closing of the sale is anticipated to be February 8, 2011.  The Purchaser has taken over the management and operations of the Hotel, as of February 1, 2011, and will receive all revenues and be responsible for all expenses. The Purchaser will pay 7% interest (per annum) to Grandfield on the purchase price from February 1, 2011 until delivery of the purchase proceeds. 

Grandfield will use part of the proceeds from sale to repay outstanding debt of approximately $1,575,000 and the balance of proceeds will be invested in short-term liquid securities.  Prior to the sale, the Discovery Inn Hotel represented over 80% of the assets and over 90% of the revenue and expenses of Grandfield. 

Management is strategizing on the future plans of Grandfield with regards to future operations and financial matters and will release further information as it becomes available. 

Additional information of Grandfield is filed on System for Electronic Document Analysis and Retrieval ("SEDAR") and can be accessed electronically at www.sedar.com

ON BEHALF OF THE BOARD OF DIRECTORS

"SAM MARK"      
President and Chief Executive Officer

SOURCE Grandfield Pacific Inc.

For further information:

Sam Mark, President and Chief Executive Officer
Email:  grandfieldvan@hotmail.com

Profil de l'entreprise

Grandfield Pacific Inc.

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