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ENROTEK LTD. TO ACQUIRE $30 MILLION IN PORTUGUESE REAL ESTATE

 ENROTEK LTD. TO ACQUIRE $30 MILLION IN PORTUGUESE REAL ESTATE
 CALGARY, Alberta, Dec. 12 /PRNewswire/ -- Enrotek Ltd. (OTC: 3ENRO) announced today that it has completed the acquisition of its first property located in Lisbon, Portugal. The property, which has been appraised at more than $14,000,000, will be acquired in exchange for stock issued by Enrotek Ltd.
 The company has already completed negotiations with its lenders to finance the development of a light industrial park which Enrotek plans on developing on the newly acquired property. The project is scheduled to commence immediately.
 The acquisition is the first among a series of planned acquisitions that will, on completion, total more than $30,000,000 and consist of six separate real estate properties, all of which are located in the greater Lisbon area of Portugal. Prior to the issuance of an additional 4,000,000 shares, which are exchange for the properties, Enrotek's book value will exceed $4.50.
 Leo Lawson, Enrotek's president, said, "We are pleased to have completed the acquisition of the property, and now look forward to building a storehouse of value for our shareholders."
 The company has executed an agreement for sale for the remaining five real estate properties which is expected to close within the next 30-90 days. Upon development of these properties, which is scheduled within the next two-three years, management estimates book value per share to reach $14-16. The method of payment for the remaining five properties will consist of a combination of equity, cash and debt financing.
 -0- 12/12/91
 /CONTACT: Stephen Geyer of Woodbridge & Associates, 714-433-2040, for Enrotek/
 (3ENRO) CO: Enrotek Ltd. ST: Alberta IN: SU: RLE


KJ-AL -- LA008 -- 1952 12/12/91 12:23 EST
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Publication:PR Newswire
Date:Dec 12, 1991
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