Trading: TSX Venture: LCN
VANCOUVER, Sept. 21 /CNW/ - Following the Annual General Meeting and the Board of Directors meeting of September 16, 2009, Leisure Canada Inc. (the "Company") announces that the current directors of the Company, Walter H. Berukoff, Robin Conners, Ken Taylor and David Oliver were all reelected by the majority of the shareholders and Peter de Visser was added to the board. Mr. de Visser previously served as director of the Company from 1997 through 2008 and is the founding partner of Vancouver based DeVisser Gray Chartered Accountants. In addition, KPMG LLP is appointed auditors of the Corporation and the fixed stock option plan was amended per the Management Information Circular.
Immediately following the Annual General Meeting, the Board of Directors met to appoint officers for the ensuing year. Leisure Canada's officers are Robin Conners as President and Chief Executive Officer, Mr. Berukoff as Executive Chairman, Yvette Harrison as Chief Financial Officer and Shaun Maskerine as Corporate Secretary.
Leisure Canada recently closed a brokered private placement raising $18.22 million. This represents the largest equity financing in the Company's history despite current market challenges. The proceeds will be allocated primarily to the Company's accelerated development plan for its Monte Barreto project, a five-star Havana waterfront hotel development. The Monte Barreto project is located in the Miramar District and has the advantage of being the last waterfront hotel to be constructed in the area. The site is equivalent to two city blocks and will be adjacent to Havana's new world class aquarium and across from the new Miramar Trade Centre. The proposed three buildings will include 737 guest suites with significant office, convention and retail space. Furthermore, Leisure Canada is focusing on the continued progression of the respective master plans for both Jibacoa and Cayo Largo.
Robin Conners, the Company's President and CEO stated "the strength of the Cuban experience has resulted in the country being the only market in the world over the last 24-months where tourism has increased. Leisure Canada is committed to the advancement of all three projects and the Company is confident that it can be the gateway to immense opportunities on the Island."
Leisure Canada is a leading developer of luxury hotels and real estate development in Cuba, with multiple properties currently under development, including five-star hotels and championship golf courses.
Walter H. Berukoff
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responsibility for the adequacy or accuracy of this release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Leisure Canada's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Leisure Canada. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Leisure Canada's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Leisure Canada's filings with the Canadian securities authorities. Accordingly, holders of Leisure Canada shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Leisure Canada disclaims any responsibility to update these forward-looking statements.
SOURCE LEISURE CANADA INC.
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