Business
Canlan enters into agreement to purchase The Ice Gardens at York University
Canlan enters into agreement to purchase The Ice Gardens at York University.
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\n\nBURNABY, BC, July 18 /CNW/ - Canlan Ice Sports Corp. announced today that\nit has entered into an agreement to purchase The Ice Gardens at York\nUniversity, Toronto. The Ice Gardens, built in 1996, is located on the main\ncampus of York University in the City of Toronto. It is one of the largest\narena complexes in Canada containing five NHL size rinks and one Olympic rink\nwith seating for 1,500 spectators. In addition to six pads of ice the facility\ncontains significant restaurant, fitness and retail space. The University is a\nmajor user of ice for their varsity and intramural teams.\nCanlan has agreed to purchase The Ice Gardens from PricewaterhouseCoopers\nInc., which is acting as the court appointed receiver and manager for The Ice\nGardens at York University Inc., and as trustee in bankruptcy for 1170843\nOntario Inc. Completion of the proposed purchase is subject to Canlan entering\ninto a satisfactory assignment with York University of the Ice Gardens' lease.\nIt is also subject to approval by the inspectors or creditors of the estate of\n1170843 and issuance of a court order vesting the assets of the two companies\nin Canlan. The transaction is expected to close on July 31, 2006.\nGrant Ballantyne, Canlan's President & CEO, said that this significant\ntransaction will give the Company a strategic foothold in Toronto and\ncomplements the Company's other five GTA facilities, containing 16 ice pads.\nHe also stated that Canlan is looking forward to working with the University\nto create community programming and enhanced summer programming utilizing the\nUniversity's extensive recreation/sport facilities and plentiful\naccommodations, all of which are close by on the University's campus.\n\nCanlan Ice Sport Corp is the largest private sector operator of\nrecreational ice facilities in North America. Following this acquisition\nCanlan will own and/or manage 23 facilities with 67 playing surfaces in Canada\nand United States. Canlan also operates the Adult Safe Hockey League, the\nlargest adult recreational hockey league in North America, with more than\n40,000 players and offers a variety of other programs including youth leagues,\nhockey and figure skating academies and tournaments.\n\nCanlan is listed on the Toronto Stock Exchange under the symbol \"ISE\"\n\n\n\n","length":2359,"tagName":"div"}]