Sterling Centrecorp Inc. completes plan of arrangement



    Listed TSX: SCF (Sterling Centrecorp Inc.)

    TORONTO, June 15 /CNW/ - Sterling Centrecorp Inc. (TSX: SCF) (the
"Company") announced that the previously reported proposed arrangement (the
"Arrangement") involving the Company, its shareholders and SCI Acquisition
Inc. ("SCI") pursuant to a court-approved plan of arrangement has been
completed. Under the transaction, the Company's registered shareholders will
be entitled to receive $1.26 in cash for each common share deposited with
Equity Transfer & Trust Company.
    As a result of the Arrangement, the Company becomes a wholly-owned
subsidiary of SCI. The Company has applied to delist its common shares from
trading on the Toronto Stock Exchange.

    Except for historical information, this press release contains
forward-looking statements, which reflect the Company's current expectation
regarding future events. These forward-looking statements involve risks and
uncertainties, which may cause actual results to differ materially from those
statements. Those risks and uncertainties include, but are not limited to,
changing market conditions, and other risks detailed from time-to-time in the
Company's ongoing quarterly filings, annual information form, and annual
reports. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. In light of these risks, uncertainties and assumptions,
the forward-looking events in this press release might not occur.

    About Sterling Centrecorp Inc.

    Sterling Centrecorp Inc. is a North American real estate investment and
management services company specializing in the retail property sector, which
is traded on the Toronto Stock Exchange. Sterling, through its North American
platform, uncovers and secures real estate opportunities and then aligns
itself with strategic financial partners to maximize returns for all parties.
    The Company has offices located in Toronto, Edmonton, and Montreal, and
its U.S. subsidiary has offices located in West Palm Beach, Charlotte, Dallas,
San Antonio, and Scottsdale.
    Additional company information is available on the Internet at:
www.sterlingcentrecorp.com.

    
    Executive Office:                  U.S. Head Office:
    -----------------                  -----------------

    Sterling Centrecorp Inc.           Sterling USA, Inc.
    2851 John Street, Suite One        One North Clematis Street, Suite 305
    Markham, Ontario L3R 5R7           West Palm Beach, Florida 33401
    Telephone: (905) 477-9200          Telephone: (561) 835-1810
    Facsimile: (905) 477-7390          Facsimile: (561) 833-4118

    Registered Office:
    ------------------

    Sterling Centrecorp Inc.
    123 Edward Street, Suite 703
    Toronto, Ontario M5G 1E2
    Telephone: (416) 593-4093
    Facsimile: (416) 593-0656
    
    %SEDAR: 00001115E




For further information:

For further information: Sterling Centrecorp Inc. - Media contact:
Mansfield Communications Inc., Hugh Mansfield, hugh@mcipr.com, Telephone:
(416) 599-0024; Sterling Centrecorp Inc. - Company contacts: A. David Kosoy,
Co-Chairman & Co-Chief Executive Officer, (561) 835-1810; John W.S. Preston,
Co-Chairman & Co-Chief Executive Officer, (561) 835-1810; Robert S. Green,
President & Chief Operating Officer, (905) 477-9200; Carol Taccone, Executive
Vice-President & Chief Financial Officer, (905) 477-9200

Organization Profile

STERLING CENTRECORP INC.

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