Trinity Pointe Development by Time Development Ltd., Receivership

Pursuant to an Order of the Court of Queen’s Bench of Alberta (the “Court”), as amended on March 11, 2010 (the “Order”), Deloitte & Touche Inc. was appointed as the Receiver and Manager (the “Receiver”) of the Trinity Pointe Development (“Trinity”) that is owned by Time Developments Ltd. (“Time”)  and located at 9316 – 82nd Avenue in Edmonton, Alberta.  Trinity is essentially completed and is the conversion of an existing four level building into a five level building with 37 residential suites and one level of underground parking.  Trinity has a gross floor area of approximately 52,000 square feet with new construction and the renovation areas each comprising approximately 26,000 square feet.  The superstructure is concrete block to the parkade level, with steel frame construction for the remaining five floors.  Additional information on Trinity can be obtained from the Receiver.

Court Order - March 11, 2010