/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH
UNITED STATES NEWS OR WIRE SERVICES./
MONTREAL, July 30, 2013 /CNW/ - PRO Real Estate Investment Trust
("PROREIT" or the "REIT") (TSXV: PRV.UN) is providing an update with
respect to its proposed public offering announced on July 9, 2013, for
which a preliminary short form prospectus was filed with the securities
authorities in all provinces of Canada.
The closing date for the offering was originally anticipated to occur by
the end of July 2013, but, on the advice of its advisors, the REIT has
decided to postpone the offering until the Canadian real estate capital
markets demonstrate more stability than shown since the filing of the
prospectus. The REIT will provide an update on anticipated timing in
Further details of the offering are set out in the preliminary
prospectus of the REIT dated July 8, 2013, available on SEDAR at www.sedar.com. The offering is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals, including the
approval of the TSX Venture Exchange.
The securities offered have not and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. State securities laws and may not be offered or sold,
directly or indirectly, within the United States or its territories or
possessions or to or for the account of any U.S. person (as defined in
Regulation S under the U.S. Securities Act) other than pursuant to an
available exemption from the registration requirements of the U.S.
Securities Act. This press release does not constitute an offer to sell
or a solicitation of an offer to buy any such securities within the
United States, or its territories or possessions, or to or for the
account of any U.S. person.
A preliminary prospectus containing important information relating to
the securities has been filed with securities commissions or similar
authorities in all of the provinces of Canada. The preliminary
prospectus is still subject to completion or amendment. Copies of the
preliminary prospectus are available on SEDAR at www.sedar.com under the REIT's profile. There will not be any sale or any acceptance
of an offer to buy the securities until a receipt for the final
prospectus has been issued.
PROREIT is an unincorporated open-ended real estate investment trust
established pursuant to a declaration of trust under the laws of the
Province of Ontario.
This news release may contain forward-looking information within the
meaning of applicable securities legislation. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond PROREIT's
control, that could cause actual results and events to differ
materially from those that are disclosed in or implied by such
Forward-looking information contained in this press release includes,
without limitation, statements pertaining to the proposed offering of
units. PROREIT's objectives and forward-looking statements are based on
certain assumptions, including that (i) PROREIT will receive financing
on favourable terms; (ii) the future level of indebtedness of PROREIT
and its future growth potential will remain consistent with PROREIT's
current expectations; (iii) there will be no changes to tax laws
adversely affecting PROREIT's financing capacity or operations; (iv)
the impact of the current economic climate and the current global
financial conditions on PROREIT's operations, including its financing
capacity and asset value, will remain consistent with PROREIT's current
expectations; (v) the performance of PROREIT's investments in Canada
will proceed on a basis consistent with PROREIT's current expectations;
and (vi) capital markets will provide PROREIT with readily available
access to equity and/or debt.
The forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary statement. All
forward-looking statements in this press release are made as of the
date of this press release. PROREIT does not undertake to update any
such forward-looking information whether as a result of new
information, future events or otherwise, except as required by law.
Additional information about these assumptions and risks and
uncertainties is contained in PROREIT's preliminary prospectus dated
July 8, 2013 under "Risk Factors", which is available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: PRO Real Estate Investment Trust
For further information:
PRO Real Estate Investment Trust
James W. Beckerleg
President and Chief Executive Officer
PRO Real Estate Investment Trust
Gordon G. Lawlor, CA
Chief Financial Officer