Counsel Corporation Acquires Imperial Square Site For Retail Development.Business Editors TORONTO--(BUSINESS WIRE)--July 22, 2003 Counsel Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CXSN)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CXS CXS Coherent X-Ray Scattering ) today announced that it has recently acquired the 14.5-acre Imperial Square retail development site located at Woodlawn and Imperial Roads in Guelph, Ontario Guelph (IPA: gwɛlf) (population 114,943[1]) is a city located in the Southwestern region of Ontario, Canada. . When completed, the centre will contain just over 60,000 square feet of leasable area. The site includes approximately 4.5 acres of "excess" land zoned for retail expansion. Over 73% of the retail complex is pre-leased, including a 10-screen Galaxy Entertainment Galaxy Entertainment Group is a publicly traded company on the Hong Kong Stock Exchange (HKSE code 00027) that owns and operates hotels and casinos in Macau through its subsidiary, Galaxy Casino S.A. theatre complex that will open in the winter of 2003, new-format A&W and Subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. restaurants. The Company has entered into agreements to sell the excess land to a service station operator and an independent retailer. Counsel, through its Counsel Real Estate Inc. subsidiary, has a focused strategy of investing in and developing income producing commercial properties, primarily retail shopping centres. Allan Silber, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Counsel Corporation, said, "Counsel has a history of success in real estate and a depth of experience in identifying opportunities and structuring acquisition terms and financing. We are constantly investigating and pursuing properties that meet our acquisition criteria. The Imperial Square acquisition is another step in the implementation of our real estate strategy." About Counsel Corporation Headquartered in Toronto, Ontario, Counsel Corporation (TSX:CXS / NASDAQ:CXSN) is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a focused on acquiring and building businesses using its financial and operational expertise in two specific sectors: communications and real estate. Counsel's communications platform is focused on building upon its existing communications businesses through organic growth and by acquiring substantial additional customer revenues. Counsel's real estate platform has a focused strategy of investing in and developing income producing commercial properties, primarily retail shopping centres. For further information, visit Counsel's website at www.counselcorp.com and Counsel Real Estate Inc.'s website at www.counselrealestate.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel Corporation's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which they currently operate, but because of the factors herein listed, as well as other factors beyond their control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings. |
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