Sereno Capital Corporation Announces Conditional Approval for Its Business Combination With Delavaco Properties Inc.

NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES

Sereno Capital Corporation ("Sereno") (TSX VENTURE:SZZ.H) is pleased to announce
that it has received conditional approval from the TSX Venture Exchange (the
"Exchange") for its business combination (the "Business Combination") with
Delavaco Properties Inc. ("Delavaco"), the updated terms of which were
previously announced on September 18, 2013. GMP Securities L.P. has agreed to
serve as a Sponsor (as defined under applicable Exchange rules) for purposes of
Exchange approval. 


Pursuant to the terms of the Business Combination, subject to certain
conditions, including receipt of approval of the Business Combination by
shareholders of Delavaco and certain matters ancillary to the Business
Combination by the shareholders of Sereno, Delavaco will become a wholly owned
subsidiary of Sereno and Sereno will continue the business of Delavaco under the
new name "Delavaco Residential Properties Inc." The Business Combination will
constitute the Qualifying Transaction of Sereno under the policies of the
Exchange. 


Sereno also announces that a joint management information circular (the
"Circular") concerning the particulars of the Business Combination has been
mailed to shareholders of Sereno and Delavaco and filed on www.sedar.com under
Sereno's corporate profile.


Closing of the Business Combination is expected to occur following receipt of
the approval of Sereno and Delavaco shareholders, which is being sought at
special meetings of the shareholders, each to be held on December 30, 2013 and
as further described in the Circular and the fulfillment of all conditions of
the Exchange.


About Delavaco 

Delavaco was incorporated on January 27, 2011 and since that time has been
investing in single-family homes at prices below replacement costs and
multi-family properties at attractive capitalization rates located in select
markets in the United States, to date primarily in the southern United States,
that were hard-hit by the residential housing market downturn and that, in the
opinion of Delavaco, exhibit favourable demographics, positive economic growth
and solid rental demand. While Delavaco will continue to invest in multi-family
properties on an opportunistic basis, the principal focus will be on the
acquisition of single-family homes, as management believes that such properties
offer greater potential returns resulting from a housing recovery. 


About Sereno 

Sereno is classified as a Capital Pool Corporation as defined in Policy 2.4 of
the Exchange. Trading of Sereno's common shares has been halted since the
announcement of the Business Combination and is expected to resume shortly after
completion of the Business Combination. 


Completion of the transaction is subject to a number of conditions, including
but not limited to, final acceptance by the Exchange. There can be no assurance
that the Business Combination will be completed as proposed or at all. Neither
the Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the Exchange) accepts responsibility for the adequacy or
accuracy of this release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Sereno Capital Corporation
Brandon Gordon
Director
416-214-9672

Delavaco Residential Capital Corporation (TSXV:SZZ.H)
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