Canlan announces real estate, hockey rink expansions.
VANCOUVER, B.C.--(BUSINESS WIRE)--March 20, 1995--CANLAN INVESTMENT CORP (TSE See Tokyo Stock Exchange.
1. See Tokyo Stock Exchange (TSE).
2. See Toronto Stock Exchange (TSE). : CAI (1) (Computer-Assisted Instruction) Same as CBT.
(2) See CA.
CAI - Computer-Aided Instruction ) Canlan Investment Corporation today reported that it has completed agreements to significantly expand its successful joint venture Morgan Creek residential and golf course development project, near Vancouver, and also that it has exchanged letters of intent for the development of multiple rink recreational hockey facilities in Wichita, Kansas
Wichita, also known as the Air Capital of the World, is the largest city in the U.S. state of Kansas, as well as a major aircraft manufacturing hub and cultural center. ; Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States, and voted one of "America’s Most Livable Communities. ; and Candiac,Quebec.
The Morgan Creek project, which originally incorporated 340 acres, will now be expanded by the addition of 82.8 acres. The newly acquired property is contiguous to north and west of the project. The Company proposes to develop a mix of predominantly single family lots combined with some low density townhouses. Closing for the additional land purchase is anticipated by the end of the month.
Canlan's rapidly expanding recreational hockey rink operations anticipate the start of construction for at least three new multi-rink facilities within the next year.
At Wichita, Kansas, Canlan and the City of Wichita have agreed in principle for the construction of a two-rink facility to be funded by the City of Wichita. Canlan has a 65 percent interest in a management contract with an option to purchase the facility. One rink will be Olympic-sized and the other NHL-sized. Final agreements are expected to be signed within a few days.
At Fort Worth, Texas, Canlan is the managing partner for a 50-50 joint venture to build and operate a two-rink recreational hockey complex. The agreement is subject to financing approval, terms for which appear to be well advanced.
At Candiac, Quebec Candiac is a town in the Canadian province of Quebec; it is located on the south shore of the Saint Lawrence River opposite Montreal near La Prairie. Population: 15,947 (2006). , a south shore suburb of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. , Canlan is a 70 percent joint venture partner for a two-rink hockey facility which is expected, in the future,to be expanded to four rinks. Final contracts leading to an early construction start are anticipated within a month.
John B. Ross, President and C.E.O., said the opportunity to expand the Morgan Creek project is particularly welcome because of the extraordinarily strong demand already established for the project's building lots. Phase I of the project, consisting of 135 lots, came to market last fall and was virtually sold out in four weeks. Phases II, III, and IV are scheduled to come to market as 1995 progresses and a substantial waiting list of prospective purchasers has been established.
Mr. Ross stated that the agreements to expand hockey operations could result in the start of construction at each of Wichita, Fort Worth and Candiac later this year. He also noted that construction work has already begun on the Company's three previously announced current hockey expansions. These include expanding the Burnaby, B.C., operation from four to eight rinks, conversion of the Winnipeg Highlander Sportsplex to four rinks, and the joint venture construction of a two rink facility at Langley, B.C. which is scheduled for completion within a year and is to be followed almost immediately with expansion to four rinks.
Canlan also expects to close a major land purchase within the next few weeks which could permit building of a four rink hockey complex in the northeast section of Metro Toronto, Mr. Ross also added.
Canlan Investment Corporation is an innovative and successful real estate investment and development company. It is the largest private sector operator of recreational ice facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. with 23 ice surfaces at eight locations in Canada and the U.S. with future expansion being planned throughout the continent. Its real estate development operations are principally in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography
, Alberta, Oregon and Washington State.
Shares of Canlan Investment Corporation are traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE)
Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (CAI).
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