LAKE IN THE HILLS, ILLINOIS--(Marketwire - Jan 29, 2013) - CapGain Properties Inc. (TSX VENTURE:CPP) ("CapGain") is pleased to announce that its wholly-owned subsidiary, CapGain Holdings Inc., has entered into a Commercial Purchase Agreement to purchase the property commonly known as 464-468 West Judd Street, Woodstock, Illinois (the "Property"). The Property was appraised by Norman Jacobsen of Midland Appraisal Services. His report states that as of March 8, 2012 the Property was worth $279,000. Mr. Jacobsen''s report states that he is certified to perform appraisals by the State of Illinois and that he prepared the report in compliance with the Uniform Standards of Professional Appraisal Practice.
CapGain Holdings Inc. has successfully negotiated a discounted agreed total purchase price of $151,350 for the Property, of which $18,500 is payable in cash, $22,850 is payable by the issuance of 76,166 Common Shares of CapGain at an issue price of $0.30 per share, and $110,000 is payable by the assumption of a mortgage secured against the Property. The purchase price is $127,650 below the Property''s market value. All dollar amounts are in United States currency. The closing of the purchase and sale of the property is subject to acceptance by the TSX Venture Exchange.
CapGain is an investment company that purchases, re-structures when applicable, and sells real estate in the United States, with a forward moving focus on income producing real estate. CapGain''s contacts within the real estate and finance industries allow the purchase of properties significantly below market value.
Additional information on the operations or financial results of CapGain is included in reports on file with applicable securities regulatory authorities and may be accessed through the TMX website (www.tmx.com) and the SEDAR website (www.sedar.com) under the profile for CapGain.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, are forward-looking statements and can generally be identified by words such as "will," "allow," "outlook," or the negative of these terms, and other comparable terminology.
Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether CapGain is able to meet price, performance, quality and delivery requirements. Although CapGain believes that the expectations represented by any forward-looking statements and forward-looking information contained herein are reasonable based on the information available to them on the date of this document, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements or forward-looking information. CapGain undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.