Jannock Properties Limited Reports September 30, 2010 Results

   Jannock Properties Limited (TSX VENTURE: JPL.UN) today reported income of $95,000 for the Third Quarter of 2010 under the liquidation accounting principles that it is now applying.

Net Income

The net income of $95,000 in the Third Quarter of this year resulted entirely from income tax recoveries from prior period losses. This compares with a loss of $260,000 in the Third Quarter of 2009 when the Corporation provided for expenses that were to be incurred in its expected dissolution.

Net income of $25,000 for the nine months to September 30, 2010 reflects income tax recoveries of $111,000 less accruals of $86,000 for additional costs that will be incurred as a result of the delay in completing the dissolution of the Corporation. In the comparable period in 2009, the Corporation had a net loss of $376,000 primarily reflecting general and administrative expenses.

Cash Flows

Cash used in the Third Quarter of this year amounted to $39,000 compared with a usage of cash of $38,000 in the same period last year.

--  Cash receipts for the Third Quarter this year were $16,000 for a
    recovery of income taxes. In the Third Quarter of 2009 cash receipts
    were $16,000 of which income tax recoveries were $14,000.
--  Cash payments for the Third Quarter this year were $55,000 for
    dissolution costs that had previously been accrued. In the same period
    last year cash payments were $54,000 for administrative costs.

Cash generated in the nine months to September 30, 2010 amounted to $86,000 compared with a usage of cash of $232,000 in the same period last year.

--  Cash receipts for the period were $235,000 comprised of $219,000 for a
    recovery of development costs and $16,000 for a recovery of income
    taxes. In the same period in 2009 cash receipts were $23,000 of income
    tax recoveries and $18,000 of interest.
--  Cash payments for the period were $149,000 for dissolution costs. In the
    same period last year cash payments were $273,000 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

The voluntary dissolution has continued to be held up by delays in the processing of the Corporation's income tax returns.

An income tax recovery of $52,000 was received in October for federal income taxes on the Corporation's losses through May 31, 2010. An additional $43,000 recovery of Ontario income taxes for 2009 and May 31, 2010 was received in November. The Corporation should now be able to proceed with requesting the required consents and income tax clearances from the Canada Revenue Agency.

Corporate Items

Currently the Corporation's only significant assets are its cash in the bank and outstanding income tax recoveries. The estimated net cash balance after the receipt of the outstanding income tax recoveries and the payment of remaining liabilities is equivalent to approximately 5.7 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)
                                                September 30    December 31
                                                        2010           2009
                                              ------------------------------
                                                  (unaudited)
                                              ---------------

Assets
Cash and cash equivalents                          $   2,021      $   1,935
Income taxes recoverable                           $      95      $       -
Other assets                                               -            219
                                              ------------------------------
                                                   $   2,116      $   2,154
                                              ------------------------------

Liabilities
Accounts payable and accrued liabilities           $      64      $     127
                                              ------------------------------

Shareholders' Equity
Capital stock (note 3)                             $  19,551       $ 19,551
Contributed surplus                                    6,868          6,868
Deficit                                              (24,367)       (24,392)
                                              ------------------------------
                                                   $   2,052      $   2,027
                                              ------------------------------

                                                   $   2,116      $   2,154
                                              ------------------------------


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

                                       Three Months             Nine Months
                                 Ended September 30      Ended September 30
                            ------------------------------------------------
                                   2010        2009        2010        2009
                            ------------------------------------------------
                             (unaudited) (unaudited) (unaudited) (unaudited)

Revenue
 Interest income             $        -  $        2  $        -  $       18

Expenses
 Dissolution costs                    -           -         (86)          -
 General and administrative           -        (197)          -        (388)
 Foreign exchange gains               -           -           -           2
                            ------------------------------------------------

Income/(loss) before income
 taxes                                -        (195)        (86)       (368)

Income tax provision
 (recovery)                         (95)         65        (111)          8

                            ------------------------------------------------
Net income (loss) and
 comprehensive income (loss)
 for the period              $       95  $     (260) $       25  $     (376)

Deficit - beginning of
 period                      $  (24,462) $  (24,293) $  (24,392) $  (24,177)
                            ------------------------------------------------
Deficit - end of period      $  (24,367) $  (24,553) $  (24,367) $  (24,553)
                            ------------------------------------------------

Basic and diluted earnings
 (loss) per share            $     0.00  $    (0.01) $     0.00  $    (0.01)


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

                                       Three Months             Nine Months
                                 Ended September 30      Ended September 30
                            ------------------------------------------------
                                   2010        2009        2010        2009
                            ------------------------------------------------
                             (unaudited) (unaudited) (unaudited) (unaudited)

Cash provided by (used in)

Operating activities
Cash receipts
 Recovery of prior years
  cost of sales              $        -  $        -  $      219  $        -
 Income tax recoveries               16          14          16          23
 Interest received                    -           2           -          18
Cash payments
 Other payments                     (55)        (54)       (149)       (273)
                            ------------------------------------------------
 Total operating activities         (39)        (38)         86        (232)
                            ------------------------------------------------

Increase (decrease) in cash
 equivalents                        (39)        (38)         86        (232)


Cash and cash equivalents -
 beginning of period         $    2,060  $    5,619  $    1,935  $    5,813
                            ------------------------------------------------
Cash and cash equivalents -
 end of period               $    2,021  $    5,581  $    2,021  $    5,581
                            ------------------------------------------------
                            ------------------------------------------------

NOTES TO INTERIM FINANCIAL STATEMENTS

(unaudited)

1. Summary of significant accounting policies

The Company has presented on a liquidation basis the balance sheet as at September 30, 2010, and the operating income and cash flows for the three months and nine months ended September 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 recoveries of $111,000 in the nine months to September 30, 2010 were for federal and Ontario income taxes on losses incurred in 2009 and through part of 2010. The Corporation received federal income tax recoveries of $16,000 in August, $52,000 in October and $43,000 in November.

The provisions in the nine months to September 30, 2009 resulted from the elimination of tax assets relating to that years loss as there was no certainty that any amounts would be recovered.

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 September 30, 2010

                                       Number of shares
                              ---------------------------------
                               Class B Common  Class A special       Amount
                              ----------------------------------------------

Issued and outstanding at
 September 30, 2010, and at
 December 31, 2009.                35,631,932    1,959,756,260  $19,551,000

4. Capital Management

The Corporation's remaining assets are its cash balances and outstanding income tax recoveries. 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]