Jannock Properties Limited Reports June 30, 2010 Results

   Jannock Properties Limited (TSX VENTURE: JPL.UN) today reported a net loss of $70,000 for the Second Quarter of 2010 under the liquidation accounting principles that it is now applying.

Net Income

The loss of $70,000 for the three months and six months to June 30, 2010 reflects accruals of $86,000 for additional costs that will be incurred as a result of the delay in completing the dissolution of the Corporation less an income tax refund of $16,000 received in August. In the comparable periods in 2009, the Corporation had losses of $61,000 and $116,000 respectively reflecting general and administrative expenses less income tax provisions.

Cash Flows

Cash used in the Second Quarter of this year amounted to $79,000 compared
with a usage of cash of $93,000 in the same period last year.

--  Cash receipts for the Second Quarter this year were $3,000 for the
    recovery of development costs that were accrued at December 31, 2009. In
    the Second Quarter of 2009 cash receipts were $9,000 of income tax
    recoveries and $3,000 of interest.
--  Cash payments for the Second Quarter this year were $82,000 for
    dissolution costs that had previously been accrued. In the same period
    last year cash payments were $105,000 for administrative costs.

Cash generated in the six months to June 30, 2010 amounted to $125,000
compared with a usage of cash of $194,000 in the same period last year.

--  Cash receipts for the period were $219,000 for the recovery of
    development costs that were accrued at December 31, 2009. In the period
    in 2009 cash receipts were $9,000 of income tax recoveries and $16,000
    of interest.
--  Cash payments for the period were $94,000 for dissolution costs that had
    previously been accrued. In the same period last year cash payments were
    $219,000 for administrative costs.

Capital Structure

The number of Class B Common Shares outstanding is 35,631,932. Currently there are 55 Class A Special Shares that are associated with each Class B Common Share. The combination of one Class B Common Share and 55 Class A Special Shares is listed as a unit on the TSX Venture Exchange (trading symbol: JPL.UN).

Voluntary Dissolution

An income tax recovery was received in August 2010 for federal income taxes on 2009 expenditures that were included in the December 31, 2009 results. A potential recovery of Ontario taxes has not yet been received. The Corporation is working with the Canada Revenue Agency to resolve issues on income tax recoveries relating to its 2010 expenditures and to obtaining required income tax clearances.

Corporate Items

Currently the Corporation's only significant asset is its cash in the bank. The estimated net cash balance after the payment of remaining liabilities is equivalent to approximately 5.5 cents per unit.

Forward-looking statements contained in this news release involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include local real estate markets, zoning applications, changes in interest rates and general economic conditions. In addition there are risk factors described from time to time in the reports and disclosure documents filed by Jannock Properties Limited with Canadian and U.S. securities regulatory agencies and commissions.

NOTICE

The accompanying interim unaudited financial statements have not been reviewed by the Company's auditors.

Interim Balance Sheet
(in thousands of Canadian dollars)

                                             June 30  December 31
                                                2010         2009
                                         -----------  -----------
                                         (unaudited)
                                         -----------

Assets
Cash and cash equivalents                $     2,060  $     1,935
Other assets                                      16          219
                                         -----------  -----------
                                         $     2,076  $     2,154
                                         -----------  -----------

Liabilities
Accounts payable and accrued liabilities $       119  $       127

Shareholders' Equity
Capital stock (note 3)                   $    19,551  $    19,551
Contributed surplus                            6,868        6,868
Deficit                                      (24,462)     (24,392)
                                         -----------  -----------
                                         $     1,957  $     2,027
                                         -----------  -----------

                                         -----------  -----------
                                         $     2,076  $     2,154
                                         -----------  -----------



Interim Statement of Income, Comprehensive Income and deficit
(in thousands of Canadian dollars, except per share amount)

                               Three Months               Six Months
                               Ended June 30             Ended June 30
                         ------------------------  ------------------------
                                2010         2009         2010         2009
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

Revenue
 Interest income         $         -  $         3  $         -  $        16

Expenses
 Dissolution costs               (86)           -          (86)           -
 General and
  administrative                   -          (93)           -         (191)
 Foreign exchange gains            -            2            -            2

                         -----------  -----------  -----------  -----------
Income/(loss) before
 income taxes                    (86)         (88)         (86)        (173)

Income tax provision
 (recovery)                      (16)         (27)         (16)         (57)

                         -----------  -----------  -----------  -----------
Net income (loss) and
 comprehensive income
 (loss) for the period   $       (70) $       (61) $       (70) $      (116)
                         -----------  -----------  -----------  -----------

Deficit - beginning of
 period                  $   (24,392) $   (24,232) $   (24,392) $   (24,177)
Deficit - end of period  $   (24,462) $   (24,293) $   (24,462) $   (24,293)

Basic and diluted
 earnings (loss) per
 share                   $     (0.00) $     (0.00) $     (0.00) $     (0.00)



Interim Statement of Cash Flows
(in thousands of Canadian dollars)

                            Three Months                 Six Months
                            Ended June 30               Ended June 30
                     --------------------------  --------------------------
                             2010          2009          2010          2009
                     ------------  ------------  ------------  ------------
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)

Cash provided by
 (used in)

Operating activities
Cash receipts
 Income tax
  recoveries         $          3  $          9  $        219  $          9
 Interest received              -             3             -            16
Cash payments
 Other payments               (82)         (105)          (94)         (219)
                     ------------  ------------  ------------  ------------
 Total operating
  activities                  (79)          (93)          125          (194)
                     ------------  ------------  ------------  ------------

Increase (decrease)
 in cash equivalents          (79)          (93)          125          (194)
                     ------------  ------------  ------------  ------------


Cash and cash
 equivalents -
 beginning of period $      2,139  $      5,712  $      1,935  $      5,813
Cash and cash
 equivalents - end of
 period              $      2,060  $      5,619  $      2,060  $      5,619

NOTES TO INTERIM FINANCIAL STATEMENTS

(unaudited - in thousands of dollars)

1. Summary of significant accounting policies

The Company has presented on a liquidation basis the balance sheet as at June 30, 2010, and the operating income and cash flows for the three months and six months ended June 30, 2010.

The disclosures contained in these unaudited interim financial statements do not include all disclosures required for annual financial statements. They have been prepared using the same accounting policies as set out in Note 2 to the financial statements for the year ended December 31, 2009 and should be read in conjunction with those financial statements.

2. Income taxes

The income taxes recovery of $16,000 in the six months to June 30, 2010 was received in August for federal income taxes on 2009 expenditures that were included in the December 31, 2009 results. A potential recovery of $6,000 for Ontario taxes has not yet been received. The Corporation is working with the Canada Revenue Agency to resolve issues on income tax recoveries relating to 2010 expenditures and to obtaining required income tax clearances.

The provisions in the six months to June 30, 2009 were at the current federal and provincial tax rates on the losses that had been incurred during that period.

3. Capital Stock

The Company's capital stock consists of Class A special shares and Class B common shares. The Class A special shares are transferable with and only with the associated Class B common shares and trade as one unit (JPL.UN). There have been no changes to the shares outstanding during the three months to June 30, 2010

                                               Number of shares
                                   -----------------------------------------
                                   Class B Common   Class A special   Amount
                                   -----------------------------------------
Issued and outstanding at March
 31, 2010                              35,631,932     1,959,756,260   19,551

4. Capital Management

The Corporation's remaining assets are almost entirely its cash balances. Shareholders at the Annual General and Special Meeting on May 14, 2009 approved a voluntary dissolution of the Corporation and its eventual delisting from the TSX-V exchange. The Corporation is actively working to complete the dissolution as soon as possible.

Contacts: Jannock Properties Limited Brian Jamieson [phone] [e-mail]