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The Scoop

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Verbatim: Canlan buys its local facility for $9.3 million

Canlan Ice Sports Corp. issued this news release tonight:

Burnaby, B.C., September 3, 2014 – Canlan Ice Sports Corp. (the “Corporation”) (TSX: ICE) today reported it exercised its option to purchase the SportOne/Parkview Ice House, a state of the art three-pad ice-rink facility in Fort Wayne, IN. The Company had been leasing the facility since it was built in February 2010 from a local developer. The long-term lease had fifteen years remaining as at September 2, 2014, the completion date of the purchase. The purchase price was US$9.3 million, as stipulated in the lease agreement and was financed by a combination of debt and cash reserves.

“This is a significant purchase for us and certainly demonstrates our commitment to the Fort Wayne sports market,” said Mike Gellard, Canlan’s CFO.

“We are pleased to complete this important acquisition,” added Canlan’s CEO, Joey St-Aubin. “We will continue to work very hard to build our tournament and event business to bring new visitors to the Fort Wayne community.”

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