TORONTO, Feb. 1 /CNW/ - Teranet today announced that it has signed an
Agreement with the City of Toronto to collect the new Municipal Land Transfer
Tax, which was approved by Toronto City Council on October 22, 2007.
"Teranet is ideally suited to provide this new service for the City of
Toronto as we have many years of history collecting the provincial land
transfer tax in Ontario," said Aris Kaplanis, President and CEO of Teranet.
"We have the experience, e-commerce infrastructure and relationships with real
estate lawyers to meet the requirements for this service and we are pleased to
be able to assist the City of Toronto."
Beginning today, Teranet's Teraview(R) software will calculate and
collect the Municipal Land Transfer Tax for the City of Toronto. Teranet will
also process rebates for eligible home buyers.
The Teraview application is an essential tool for the legal and financial
community in providing support for real estate transactions, including access
to the Ontario Electronic Land Registration System.
About Teranet Income Fund and Teranet
Teranet Income Fund is an unincorporated, open-ended trust established
under the laws of Ontario by way of a declaration of trust. The Fund was
created to indirectly acquire all of the outstanding shares of Teranet Inc.
The units of the Fund trade on the Toronto Stock Exchange under the symbol
Teranet Inc. is a leading provider of integrated land-based information
products and services. Teranet operates in Ontario and provides access to the
Ontario Electronic Land Registration System ("ELRS") through its proprietary
application Teraview(R) software. This product enables customers to conduct
electronic registrations as well as title and writ searches relating to real
property. Teranet has the exclusive right to access the data in and operate
the ELRS and the Writs of Execution database, and create and market
value-added products and services in connection with the ELRS and writs until
March 31, 2017. These licences extend on a non-exclusive basis in perpetuity
for the ELRS and until 2047 for writs. Teranet has leveraged its core
capabilities to create electronic service offerings in complementary
information and e-commerce areas.
This news release contains statements that, other than statements of
historical fact, may be forward-looking statements about the objectives,
financial condition and results of operations of the Fund. These statements
are forward-looking and reflect management's current views and are based on
certain assumptions and expectations. Actual results could be materially
different from expectations if known or unknown risks affect the business, or
if estimates or assumptions turn out to be inaccurate. No forward-looking
statement is a guarantee of future results. Investors are cautioned not to
place undue reliance on such forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
non-recurring items announced or occurring after the statements are made may
have on the business. Teranet disclaims any intention or obligation to update
any forward-looking statement even if new information becomes available, as a
result of future events or for any other reason, except as required by law.
These statements are subject to a number of risks described in the Risks and
Uncertainties section of the third quarter MD&A, which is available at
www.sedar.com. Risks and Uncertainties may cause actual results to differ
materially from those contained in forward-looking statements.
For further information:
For further information: Bonnie Foster, Vice President Corporate
Communications, (416) 643-1095, firstname.lastname@example.org, www.teranet.ca