DARTMOUTH, NS, June 29 /CNW/ - Innovative Properties Inc. (TSX-V: INR)
("Innovative") announces its financial results for the second quarter ended
April 30, 2007. Consolidated revenues for the period were $2,175,369
($2,424,223 for the six months ended April 30, 2007) and net income for the
period was $375,375 ($253,830 for the six months ended April 30, 2007). These
results reflect a substantial improvement of the financial condition of
Innovative over the first six months ended April 30, 2006 which reflected a
loss of $116,569.
In the second quarter, Innovative completed the sale of a 55 acre
industrial property located at 761 Pleasant Street, Dartmouth, Nova Scotia
(known as Dartmouth Ocean Industrial Park) and a 17,000 square foot property
located at the corner of Queen Street and Pine Street Extension, Dartmouth,
Nova Scotia (known as the Portland Assembly) to an arms length third party
purchaser. The properties were sold at prices equal to recent independent
market appraisals. Dartmouth Capital Corporation Incorporated, a significant
debt holder of Innovative with certain common principals, provided necessary
mezzanine financing to the arms length third party purchaser to facilitate
In May, 2007, Innovative also sold the shares of its wholly-owned
subsidiary, Innovative Real Estate Limited, to a third party. The effect of
this transaction on third quarter results will not be material.
These transactions position Innovative to source additional capital and
focus on future developments with the necessary momentum to source additional
real estate and other opportunities.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: J. Stephen Doiron, (902) 463-2639