CALGARY, March 4, 2013 /CNW/ - NewNorth Projects Ltd.
("NewNorth" or the "Corporation") (TSX VENTURE: NNP) is pleased to
announce that it has entered into a purchase and sale agreement
(the "Agreement") with an arm's length party for the sale of its
interest in the Kinniburgh South Limited Partnership which holds
development property near Chestermere,
Alberta, for gross proceeds of $3.5
million.
The Agreement is subject to various conditions
including but not limited to receiving the approval of the
Corporation's shareholders ("Shareholders") and the TSX Venture
Exchange ("TSXV"), if required pursuant to applicable laws.
NewNorth is an integrated land and building
development corporation operating in the province of Alberta.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact
contained herein, certain information presented herein constitutes
"forward-looking statements". More particularly, this press release
contains statements concerning the sale of the interest in the
Kinniburgh South Limited Partnership and the conditions surrounding
such sale. The forward-looking statements contained in this
document are solely opinions and forecasts which are uncertain and
subject to risks. Forward-looking statements include but are not
limited to uncertainties and other factors which may cause the
actual results, performance or achievements of the Corporation to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These forward-looking statements are not guarantees of
future performance and are subject to a number of known and unknown
risks and uncertainties. Accordingly, readers are cautioned that
the assumption used in the preparation of the forward-looking
statements, although considered reasonable at the time of
preparation may prove to be imprecise and, as such undue reliance
should not be placed on forward-looking statements.
The forward-looking statements contained in this
press release are made as of the date of this press release. Except
as required by law, the Corporation disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable securities law.
Additionally, the Corporation undertakes no obligation to comment
on the expectations of, or statements made, by third parties in
respect of the matters discussed above.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE NewNorth Projects Ltd.