Plazacorp issues six months notice to cancel Management Agreement
Sep 12, 2008
FREDERICTON, Sept. 12 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) announced today that it has provided six months notice to Plaza Atlantic Limited that it would not be renewing the existing Management Agreement effective March 29, 2009. Over the next six months, the Independent Directors of Plazacorp Retail Properties Ltd will review various alternatives for the management of Plazacorp's properties in Atlantic Canada, Quebec and Ontario which are in the best interests of the Corporation. Plaza Atlantic Limited is a property management company that develops and manages commercial retail properties in Atlantic Canada, Quebec and Ontario and is majority owned by Michael Zakuta, President and CEO of Plazacorp and Earl Brewer, Chairman of Plazacorp. Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp, as at September 12, 2008, owns interests in 91 properties comprising 4.2 million square feet of retail real estate. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00012014E
For further information:
For further information: on Plazacorp, visit our website at www.plaza.ca Or contact: Peter Sheehan, Chief Financial Officer; Kim Sharpe, Director of Business Development, (506) 451-1826