GARNEAU INC. ANNOUNCES EXERCISE OF OPTION TO PURCHASE OF NISKU PROPERTY

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.

Forward-Looking Information

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:

Glen Garneau
Acting President and CEO

Darlene Kirkpatrick
Project and Communications Manager

Phone:(780) 955-2396
Fax: (780) 955-7715

Organization Profile

Garneau Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890