Prime City One Capital Corp. Provides Business Update and Announces New Director

Prime City One Capital Corp. (TSX VENTURE:PMO.H) (the "Corporation" or "Prime
City") is providing an update on the Corporation's previously announced
Technology License Agreement (the "License Agreement") entered into with
EcoTecnos Ltd. and its related company Geosensing (collectively, "EcoTecnos").
After review and extensive diligence by management, the Corporation's advisors
and the Board of Directors of Prime City, it was determined to be in the best
interest of the Corporation and its shareholders to terminate the License
Agreement with EcoTecnos effective March 6, 2012. Accordingly, the Corporation
will no longer pursue this change of business.


The Prime City Board of Directors is currently reviewing several alternative
business plans and fully intends to pursue a change of business and, subject to
shareholder and NEX approval, transfer its listing from the NEX back to the TSX
Venture Exchange. The Corporation will provide further updates in due course.


Additionally, Prime City is pleased to announce that Mr. Anton Ayoub has been
appointed to the Board of Directors of the Corporation.


Mr. Ayoub has extensive experience in the food and hospitality service industry
including food manufacturing, set-up of food production plants as well as in the
establishment of a chain of upscale corporate-owned cafes. Mr. Ayoub graduated
with an engineering degree from the University of Toronto in 1982 and is a
professional engineer in Ontario.


In the early years of his career, Mr. Ayoub worked internationally, executing
various projects in the hospitality, entertainment and educational field
including a luxury hotel and water theme park in Spain, a stadium for
international competitions in Jordan and master-planned communities in Belgium.
He then spent time in Europe where he worked with food equipment manufacturers
in France, Belgium, the Netherlands, Italy and Austria with special focus on
developing innovative, custom built food production equipment and machinery for
use in high volume food production applications.


Upon his return to Canada in 1994, he started a business with a group of
associates that specialized in the high volume production and sale of fresh
waffles. This business venture allowed him to utilize the widespread experience
he had gained in this field while working in Europe. The recipes were stabilized
which supported the sale of the plain, flavoured and chocolate-dipped waffles at
supermarket chains in North America and other parts of the world. During this
time, he oversaw the design and construction of two major production plants in
Ontario. Both of these plants achieved HACCAP and ISO certification. This
venture achieved fast growth and high sales and was acquired a few years later
by a multinational food corporation.


Under a separate division of the waffle production company, Mr. Ayoub
established a chain of upscale European-style cafe-restaurants that was equally
successful and was sold independently.


Reader Advisory

Prime City One Capital (TSXV:PMO.H)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024