Partners Realty Holdings Ltd. (TSX-V: CRH.P) announces 2006 financial results

 

TORONTO: Partners Realty Holdings Ltd. (the “Company”) is pleased to announce its 2006 financial results.

HIGHLIGHTS:

  • The Company was incorporated on March 29, 2005, initially issuing 2,000,000 shares at $0.10 per share, for gross proceeds of $200,000. On August 22, 2005, the Company completed an initial public offering, issuing 1,500,000 common shares at $0.20 per share, for gross proceeds of $300,000.
  • On September 14, 2006, the Company completed a private placement financing transaction with C.A. Bancorp Inc., raising $500,000 in gross proceeds by issuing 2,500,000 common shares from treasury at a price of $0.20 per share. As a result the Company had 6,000,000 common shares outstanding as of December 31, 2006.
  • On February 23, 2007, the Company completed its qualifying transaction, consisting of a private placement of 15,000,000 common shares at a price of $0.20 per share and the acquisition of three free-standing commercial retail real estate properties for an aggregate cash purchase price of $2,065,000.
  • On March 9, 2007, the Company announced that it unconditionally agreed to acquire Méga Centre Côte-Vertu, a shopping centre in St. Laurent, Quebec, from RRVP Côte-Vertu Inc. for $36.7 million. In connection with this acquisition, the Company also announced that KingSett Capital and C.A. Bancorp Inc. have agreed to provide the Company with bridge financing facilities totaling $20 million. The transaction is expected to close on March 30, 2007.
  • As of December 31, 2006 the Company had total assets of $852,994 (December 31, 2005 - $417,615), comprised primarily of cash.
  • For the year ended December 31, 2006, the Company had a net loss of $138,401 (2005 - $25,362). This represented a loss of $0.033 per share on both a basic and diluted basis (2005 – $0.012 per share on both a basic and diluted basis).
  • The Company’s only source of revenue was interest income in the amount of $20,562 (2005 – $5,329) earned on its cash deposits.
  • For the year ended December 31, 2006, the Company incurred expenses of $158,963 (2005 - $30,691).
  • On October 19, 2006, the company granted an aggregate of 335,000 incentive stock options to certain of its directors, officers and employees.

2006 FINANCIAL RESULTS: For the complete 2006 Management’s Discussion and Analysis, and Financial Statements, please visit www.SEDAR.com.

Partners Realty Holdings Inc.: Partners Realty Holdings Ltd. is focused on acquiring a portfolio of retail and mixed-use retail real estate comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada, with the principal goal of generating a reliable and growing yield for its investors. The Company owns four commercial real estate properties located in Ontario and Quebec.

More information: Ari Silverberg, President and Chief Operating Officer or Floriana Cipollone, Chief Financial Officer Telephone: (416) 364-5705 Facsimile: (416) 861-8166.

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