FREDERICTON, New Brunswick, March 08, 2018 (GLOBE NEWSWIRE) -- Trius Investments Inc. (“Trius” or the “Company”) (TSXV:TRU) has learned that one of its investee companies, MV Property LLC (“Mountain View”), has entered into a definitive agreement to sell its sole real estate asset (the “Property”) to an arm’s length third party (the “Sale”). The Property is a 13,000 square foot, 20-bed, residential drug and alcohol treatment facility located in Murray, Utah.
The Company, through its wholly-owned subsidiary TRU Investments LLC, owns a 24.4% membership interest in Mountain View. If the Sale is completed, and if Mountain View decides to distribute the proceeds thereof to its members, the Company expects that its proportionate share of the gross proceeds of the Sale will be up to approximately US$500,000 (approximately CAD$650,000), less any administrative fees relating to the Sale and subject to downward adjustment depending on the final purchase price for the Property. Mountain View is an associate of John Robertson, a director of the Company, and is managed by a company that is also an associate of Mr. Robertson.
Trius has been informed that the Sale is subject to a number of conditions, including satisfactory completion of due diligence by the purchaser, and is scheduled to close in approximately 90 days.
About Trius Investments Inc.
Trius owns interests in several real estate and healthcare investments in the United States. Trius’ common shares trade on the TSXV under the symbol “TRU”.
For further information, please contact:
President and Chief Executive Officer
Trius Investments Inc.
Telephone: (647) 880-6414
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of words and phrases such as “plans”, “expects”, “continues”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken or occur. Forward-looking information in this press release includes, without limitation, statements regarding the Sale and expected proceeds thereof to the Company. This forward-looking information consists of disclosure regarding possible events, conditions or results and is based on numerous assumptions that management believes to be reasonable in the circumstances, including that proceeds of the Sale will be distributed to the members of Mountain View.
The forward-looking information in this press release is subject to a number of risks and uncertainties that may cause Trius’ actual results or performance to differ materially from those expressed or implied by such forward-looking information, including but not limited to failure to complete the Sale, lack of control or direction over Mountain View, and other risks described in the Company’s continuous disclosure documents. There can be no assurances that the forward-looking information in this press release will prove to be accurate, as actual results and future events may differ materially from those anticipated by such information. Accordingly, investors should not place undue reliance on such forward-looking information. Trius does not undertake to update any forward-looking information in this press release, except as may be required by applicable securities laws.
Source:Trius Investments Inc.