Shareholders meeting adjourned to later date
TORONTO, June 28, 2013 /CNW/ - Edgefront Realty Corp. ("Edgefront" or
the "Corporation") (TSXV: ED) announces today that it and the vendors
of the Ajax properties (the "Ajax Properties") and the
Cambridge/Oakville properties (the "Chairman Properties") have agreed
to extend the due diligence completion deadlines under the purchase
agreements respecting such properties. As previously announced,
Edgefront has entered into purchase agreements to acquire the Ajax
Properties and the Chairman Properties for total purchase prices of
$29.5 million and $13.75 million, respectively. Edgefront has however
opted not to proceed with the previously announced acquisition of the
three properties located in Nova Scotia and has terminated the purchase
agreements respecting such properties.
In addition, the special meeting of Edgefront shareholders held on June
14th was adjourned until a later date to be determined by the board.
Edgefront shareholders will be notified of the new date for such
special shareholders meeting once it has been determined as well as any
new developments on the proposed acquisition of the Ajax Properties and
the Chairman Properties and other future property acquisitions, and any
necessary financing to complete all such acquisitions.
Edgefront is a growth oriented, diversified real estate company focused
on increasing shareholder value through the acquisition, ownership and
management of commercial real estate assets initially located in
secondary markets. It is the intention of Edgefront to expand its
business of purchasing, owning and operating real estate assets and to
raise funds in the marketplace in order to convert Edgefront into a
real estate investment trust having an external asset management
structure, subject to receipt of all necessary approvals, including
that of the TSXV.
Completion of Arrangement remains subject to TSXV approval. There can
be no assurance that the Arrangement will be completed as proposed or
The TSXV has in no way passed upon the merits of the Arrangement and has
neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
This press release contains forward-looking information within the
meaning of Canadian securities laws. Such information includes,
without limitation, information regarding the completion of the
Arrangement. Although Edgefront believes that such information is
reasonable, it can give no assurance that such expectations will prove
to be correct. In particular, this news release contains
forward-looking information relating to the expected completion of the
Arrangement and the business strategies of Edgefront.
Forward looking information is typically identified by words such as:
believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future
events. Edgefront cautions investors that any forward-looking
information provided by Edgefront is not a guarantee of future results
or performance, and that actual results may differ materially from
those in forward looking information as a result of various factors,
including, but not limited to: Edgefront's ability to complete the
Arrangement; the state of the real estate sector in the event the
Arrangement is completed; recent market volatility; Edgefront's ability
to secure the necessary financing or to be fully able to implement its
business strategies and other risks and factors that Edgefront is
unaware of at this time. The reader is referred to Edgefront's
Information Circular for a more complete discussion of risk factors
relating to Edgefront and their potential effects, a copy of which may
be accessed through Edgefront's page on SEDAR at www.sedar.com.
SOURCE: Edgefront Realty Corp.
For further information:
please contact Kelly C. Hanczyk at (416) 906-2379.