EDMONTON, Sept. 4 /CNW/ - Granville Pacific Capital Corporation
("Granville") (TSX Venture: GE) announces that the company has entered into an
agreement August 10th, 2009 to sell an operating asset subject to completion
of certain conditions.
The Company management and board of directors have entered into an
agreement to sell its operating location of Bear Creek Lodge to a third party.
The sale will take effect October 31, 2009 if all conditions and buyer
subjects have been removed. The Completion date will be earlier of 365 days or
30 days after building is vacant at which time full cash payment of $6.6
million will be received. The decision to sell the operating building is
mainly due to the continued uncertainty of revenue sources to maintain a
Hendrik Van Ryk Jr, CEO comments "This transaction is necessary to ensure
the shareholders of the company maximize the return from its assets and this
transaction prevents this particular location from becoming a liability to the
This transaction is subject to the approval of the TSX Venture Exchange.
Granville is involved in the business of the acquisition and operation of
senior citizens' lodging and care facilities and mental health facilities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: contact the following officer of Granville:
Andre Van Ryk, Chief Financial Officer, Telephone:(604) 597-7931, Facsimile: