MONTREAL, April 8 /CNW Telbec/ - Investus Real Estate Inc. (TSX Venture:
IVT), a real estate company investing in industrial properties in primary and
secondary markets mainly in Eastern Canada, announces today that it signed a
management agreement with Corporation Financière Alpha (CFA) Inc. "Alpha", a
company controlled by a group of investors holding a 34,54% interest in
Under this agreement, Alpha will be providing all management functions
for the properties and the corporation. The agreement will take effect at the
later date of the Investus annual shareholders' meeting on April 30, 2009, or
the date all consents required under the current mortgage financing documents
are received. The agreement has an initial term expiring on June 30, 2010 and
Concurrently with the inception of the new agreement, Mr. Robert Berger,
President and Chief Executive Officer along with Mr. Serge Beaudet, Chief
Financial Officer, will be leaving the company's employ.
"In light of the current condition of the equity and debt markets, the
Board of Investus has concluded that very little activity could be expected
until the current conditions become more favourable for new financing. It
became therefore a priority to find a solution in order to reduce corporate
expenses and preserve the liquidity of the company. This management agreement
allows us to significantly reduce our expenses and will provide positive cash
flow in the subsequent periods" said Marc Fortier, Chairman of the Board.
"We would like to express our sincere appreciation to Mr. Robert Berger,
our President and Chief Executive Officer for his dedication. Mr. Berger
joined the company during a very challenging period and his contribution was
well appreciated by all board members" said Marc Fortier. "We would also like
to acknowledge the support of Mr. Serge Beaudet, Chief Financial Officer and
one of our seed investors, who had agreed to fulfill the functions of CFO
until the level of activity warranted the hiring a permanent CFO" added Marc
A new president and CEO and a new CFO will be appointed at the Board
meeting following the upcoming annual shareholders' meeting.
A copy of the Management Agreement will be filed on www.sedar.com
This press release contains forward-looking statements. Forward-looking
statements are subject to risk, uncertainties and assumptions. Although the
Directors of Investus Real Estate Inc. believe that the expectations
represented in such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. Some of the factors
and risks which could affect future results and could cause results to differ
materially from those expressed in the forward-looking statements contained
herein include the impact of general economic conditions, industry conditions,
governmental regulation, environmental risk, competition from other industry
participants, stock market volatility, the ability to access sufficient
capital from internal and external sources and the risk of fluctuation and
variation in actual operating results, which variation may be material. A full
description of these risk factors can be found in the Capital Wapiti Inc.
final prospectus dated April 5, 2007 and the Filing Statement dated October
15, 2007 which are available electronically at www.sedar.com under Investus
Real Estate Inc., the new company name.
The forward-looking statements contained herein are expressly qualified
in their entirety by this cautionary statement. The forward-looking statements
included herein are made as of the date hereof and Investus Real Estate Inc.
does not undertake any obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or otherwise.
About Investus Real Estate Inc.
Investus is a Canadian corporation that invests in industrial properties
in primary and secondary markets mainly in Eastern Canada. The Corporation
owns four properties exceeding 199,000 sq. ft and purchased for a total of
$17.2 million. Additional information on the Corporation is available on the
new web site www.investus.ca and on the SEDAR website at www.sedar.com.
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.
For further information:
For further information: Mr. Robert Berger, President and Chief
Executive Officer, Investus Real Estate Inc., (514) 868-9550 ext 222,
email@example.com; Mr. Serge Beaudet, Chief Financial Officer and Secretary,
Investus Real Estate Inc., (514) 868-9550 ext 223, firstname.lastname@example.org