REGINA, Oct. 15 /CNW/ - EAI Agriculture Development Corporation ("EAI")
and ADC Enterprises Inc. ("ADC") announce that in connection with the closing
of the initial public offering (the "Offering") of limited partnership units
("Units") of Assiniboia Farmland Limited Partnership 3 ("Assiniboia") on
October 12, 2007, EAI and ADC acquired ownership of 200 Units and 160,400
Units, respectively (160,600 Units in aggregate). The Units owned by EAI
represent approximately 0.05% of the outstanding Units and the Units owned by
ADC represent approximately 38.62% of the outstanding Units (38.67% in
aggregate). EAI and ADC are both indirectly controlled by Doug Emsley, a
director and the President and Chief Executive Officer of Assiniboia Farmland
GP 3 Corp. ("GP"), the general partner of Assiniboia, and his spouse, Tamara
Emsley (together with Mr. Emsley, the "Emsleys"), through their indirect
control of 85% of the voting securities of each of EAI and ADC. Bradley
Farquhar, the Vice President of the GP, and his spouse, Lynette Farquhar
(collectively, the "Farquhars") indirectly control 15% of the voting
securities of each of EAI and ADC.
EAI and ADC acquired the Units pursuant to the Offering for investment
purposes. The Units are not listed or quoted for trading on a stock exchange.
Each of EAI, ADC, the Emsleys and the Farquhars may in the future take such
actions in respect of their holdings as they may deem appropriate in light of
the circumstances then existing, including the purchase of additional Units or
other securities of Assiniboia through privately negotiated transactions, or
the sale of all or a portion of their holdings in privately negotiated
transactions to one or more purchasers.
EAI, ADC, the Emsleys and the Farquhars may be considered to be joint
actors under applicable securities legislation. However, the issuance of this
press release is not an admission that any entity named in this press release
owns or controls any of the securities described in this press release or is a
joint actor with any other entity named in this press release.
For further information:
For further information: Bradley Farquhar, Suite 300, 1914 Hamilton
Street, Regina, Saskatchewan, S4P 3N6, (306) 347-7202