Canlan Ice Sports (TSX:ICE)
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BURNABY, BC, Aug. 16, 2011 /CNW/ --
BURNABY, BC, Aug. 16, 2011 /CNW/ - Canlan Ice Sports Corp.,
industry-leading providers of recreational and leisure facilities
across North America, announced today that it has reached an agreement
for the unconditional sale of its two-pad ice rink facility in Regina,
Saskatchewan. The gross sale price is $3.6 million and the
transaction will close on September 15, 2011. Adult and youth
programming will continue to operate as scheduled to the end of August,
2011
"While we are disappointed with having to exit the Regina marketplace
due to current market conditions, we are very pleased with the terms of
the sale and believe the sale provides mutual benefits for both the
buyer and Canlan", said Joey St-Aubin, President and CEO of Canlan Ice
Sports. "Existing adult and youth programming will continue, as
scheduled, until August 31, 2011 and we would like to again thank all
our customers for their ongoing support and patronage."
Michael Gellard, CFO of Canlan Ice Sports added, "Proceeds from the sale
will be redeployed towards a combination of debt reduction and equity
contribution for the newly purchased Ice Sports Romeoville, near
Chicago, Illinois. In addition, we want to express our appreciation to
all the staff at Ice Sports Regina for their dedicated service
throughout the years and their continued professionalism during this
period of transition."
About Canlan
Canlan Ice Sports Corp is the North American leader in the development,
operations and ownership of multi-purpose recreation and entertainment
facilities. We are the largest private sector owner and operator of
recreational ice sports facilities in North America and currently own
and/or manage 22 facilities in Canada and the United States with 64
surfaces, including Ice Sports Regina.
Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under
the symbol "ICE."
Caution concerning forward-looking statements
This document contains forward-looking statements, which may be
identified by words like "expects", "anticipates", "plans", "intends",
"indicates" or similar expressions. These statements are not a
guarantee of future performance and are inherently subject to risks and
uncertainties. The Company's actual results could differ materially
from those currently anticipated due to a number of factors set forth
in reports and other documents filed by the Company with Canadian
securities regulatory authorities from time to time.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/16/c4026.html
p /p table valign="top" border="0" tr td Canlan Ice Sports Corp. br/ Michael F. Gellard br/ Senior Vice President & CFO br/ 604 736 9152 /td td /td td /td td /td td /td td /td td TMX Equicombr/ Philip Dalebr/ 416 815 0700 ext. 253br/ a cr="true" href="mailto:pdale@equicomgroup.com"pdale@equicomgroup.com/a /td /tr /table br/