GARNEAU INC. ANNOUNCES EXERCISE OF OPTION TO PURCHASE OF NISKU PROPERTY

NISKU, AB, Feb. 23 /CNW/ -- 
NEX - GAR.H


NISKU, AB, Feb. 23 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") (NEX: GAR.H) announces that further to the previously announced lease agreement (the
 "Lease") with an arm's length third party (the "Tenant") to lease substantially all of Garneau's remaining property (the "Property"), which was approved by the shareholders of the Company at the annual
 and special meeting of shareholders held on October 27, 2010, the
 Tenant has exercised its option to purchase the Property pursuant to
 the terms of the Lease for the purchase price of $5,800,000 (subject to
 adjustments).  The purchase of the Property by the Tenant is subject to
 certain regulatory and other approvals and is expected to close within
 the next 60 days.



Neither TSX Venture Exchange nor its Regulation Services Provider (as
 that term is defined in the policies of the TSX Venture Exchange)
 accepts responsibility for the adequacy or accuracy of this release.


Forward-Looking Information


Certain information in this press release contains forward-looking
 statements. These statements relate to future events or actions. All
 statements other than statements of historical fact may be
 forward-looking statements. Forward-looking statements are often, but
 not always, identified by the use of words such as "expected" and
 similar expressions. These statements involve substantial known and
 unknown risks and uncertainties, certain of which are beyond Garneau's
 control. Actual events or actions could differ materially from those
 expressed in, or implied by, such forward-looking statements and,
 accordingly, no assurances can be given that any of the events
 anticipated by the forward-looking statements will transpire or occur
 or, if any of them do, what benefits that Garneau will derive from
 them. Except as required by law, Garneau undertakes no obligation to
 publicly update or revise any forward-looking statements.


To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/23/c5574.html



pGlen Garneaubr/ Acting President and CEObr/ br/ Darlene Kirkpatrickbr/ Project and Communications Managerbr/ br/ bPhone:[phone]/bbr/ bFax: [phone]/b/p

Copyright