NEX - GAR.H
NISKU, AB, Feb. 23 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") (NEX: GAR.H) announces that further to the previously announced lease agreement (the
"Lease") with an arm's length third party (the "Tenant") to lease substantially all of Garneau's remaining property (the "Property"), which was approved by the shareholders of the Company at the annual
and special meeting of shareholders held on October 27, 2010, the
Tenant has exercised its option to purchase the Property pursuant to
the terms of the Lease for the purchase price of $5,800,000 (subject to
adjustments). The purchase of the Property by the Tenant is subject to
certain regulatory and other approvals and is expected to close within
the next 60 days.
Neither 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.
Certain information in this press release contains forward-looking
statements. These statements relate to future events or actions. All
statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "expected" and
similar expressions. These statements involve substantial known and
unknown risks and uncertainties, certain of which are beyond Garneau's
control. Actual events or actions could differ materially from those
expressed in, or implied by, such forward-looking statements and,
accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur
or, if any of them do, what benefits that Garneau will derive from
them. Except as required by law, Garneau undertakes no obligation to
publicly update or revise any forward-looking statements.
SOURCE Garneau Inc.
For further information:
Acting President and CEO
Project and Communications Manager
Fax: (780) 955-7715