Overland announces contract revision

    HALIFAX, May 22 /CNW/ - (TSX-V - OVL) - Overland Realty Limited
("Overland" or the "Company") announced today that it has completed a
multi-year renewal of its largest property management contract (the
"Contract"). The revised Contract with the University of New Brunswick,
maintains the facilities management role of the Company, but removes future
exclusive arrangements for construction management. The net effect of these
changes will be an overall reduction in the fee income generated from the
Contract. For the previous fiscal year Construction Management fees from this
Contract represented approximately $256,000. The Company has already taken
steps to reduce management expenses associated with this work; however the
incremental savings are expected to be significantly below the loss of income.

    About Overland

    Overland Realty Limited is a TSX-V listed, growth-orientated real estate
corporation based in Halifax, Nova Scotia. The company is focused on
increasing shareholder value through the acquisition, development, and
management of commercial properties in targeted Canadian markets, starting
within Atlantic Canada. Further information on Overland can be found at

    Forward Looking Information

    This press release contains forward looking statements. Overland is
subject to significant risks and uncertainties which may cause the actual
results, performance or achievements of Overland to be materially different
from any future results, performance or achievements expressed or implied by
the forward looking statements contained in this release. Such risk factors
include, but are not limited to, risks associated with real property
ownership, availability of cash flow, general uninsured losses, future
property acquisitions, environmental matters, tax related matters, debt
financing, potential conflicts of interest, potential dilution, reliance on
key personnel and the potential any disclosed acquisitions will not close. A
description of these risk factors can be found in Overland's most recent
Management Discussion and Analysis, which can be found at www.sedar.com.
Overland cannot assure investors that actual results will be consistent with
these forward looking statements.

    The Corporation has issued and outstanding 26,084,940 common shares.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Scott Armour McCrea, President and CEO,
Overland Realty Limited, (902) 474-3000, information@overlandrealty.ca;
Source: Overland Realty Limited

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