Overland announces fiscal 2007 financial results

    HALIFAX, Nov. 28 /CNW/ - (TSXV - OVL) Overland Realty Limited (the
"Company" or "Overland") announced today its audited financial results for the
year ended July 31, 2007. The results mark a pivotal transition year for the
Company as it entered the Real Estate and Investment field, grew its
commercial real property portfolio to 17 properties encompassing over 600,000
square feet with an additional one million square feet under third party
management, and built a professional management team of over thirty full time
staff. With these important achievements the Company is positioned for future
growth and has established itself as a significant landlord in its chosen
    The Company reported revenue of $1,748,669 for the year ended July 31,
2007, compared with revenue of $72,580 for fiscal year ended July 31, 2006.
The current fiscal year represented the first time the Company has achieved
recurring Revenue from operations. The Company recorded a Net Loss of $934,084
or $0.062 per share, for the year ended July 31, 2007, versus a Net Loss of
$177,359 or $0.014 per share for fiscal 2006. Adjusting for one-time only
gains in marketable securities achieved in the year ended July 31, 2006, the
comparative results were a Net Loss of $386,141 in fiscal 2006. These
operating results from operations do not reflect a full year's ownership, and
in many cases less then a full quarter ownership of all properties or
management contracts. General and Administrative Expense totaled $887,305 for
the current fiscal year compared to $261,432 for the year ended July 31, 2006,
reflecting the Company's significant growth in staffing and properties under
    Total Assets for the Company grew to $70,164,509 as at July 31, 2007,
versus Total Assets of $3,682,974 for the fiscal year end 2006. The rise in
Assets accounts for the acquisition of some seventeen (17) properties by
Overland, following its change of business to real estate and investments in
October, 2006. Correspondingly Liabilities for the Company grew to incorporate
property related mortgages and financings, totaling $65,148,516 as at July 31,
2007, compared with $112,569 as at July 31, 2006. As part of various property
transactions and the exercise of options and warrants, the Company issued
shares raising the Capital stock by $2,490, 875 for the year.

    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 and Overland assumes no obligation to update
or revise the forward looking statements contained in this release to reflect
actual events or new circumstances.

    The Corporation has issued and outstanding 19,304,517 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 McCrea, President & CEO, (902) 474-3000,
info@overlandrealty.ca, www.overlandrealty.ca; Source: Overland Realty

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