DARTMOUTH, NS, Feb. 22 /CNW/ - Innovative Properties Inc. (TSX-V: INR)
("Innovative") is pleased to announce it has sold two of its development
properties to an arms length third party. The sales involve a 55 acre
industrial property located at 761 Pleasant Street Dartmouth NS, known as
Dartmouth Ocean Industrial Park and a 17,000 square foot property located at
the corner of Queen Street and Pine Street Extension in Dartmouth NS.
While specific terms of the sales are confidential, the company reports
that the properties were sold at prices equal to recent independent market
appraisals. Dartmouth Capital Corporation, a significant debt holder of
Innovative whose principals comprise the majority shareholders and some of the
Directors of Innovative Properties Inc, provided mezzanine financing to the
purchaser equal to 50% of the selling price of the transactions.
Company Board Chairman and spokesperson Stephen Doiron said "We are
delighted to conclude these transactions and they will have a significant
positive impact on second quarter results. Innovative plans to use the
proceeds from these sales to reduce company debt and explore other new
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, Phone contact: (902)