Brampton, Ontario--(Newsfile Corp. - April 29, 2020) - Pulis Real Estate Trust (the "Trust") and Pulis Real Estate LP 2 (the "Partnership") (the Trust and the Partnership are together referred to as the "Issuers") are providing an update on operations in light of the novel coronavirus ("COVID-19") pandemic, including the Issuers' response measures to the risk of COVID-19. Operations continue for the management of the Issuers and the assets owned by the Issuers continue to operate. Where possible, those working on behalf of the Issuers are working remotely and from home.
On March 23, 2020, the Canadian Securities Administrators (the "CSA") published a blanket relief providing issuers with a 45-day filing extension for filings due on or before June 1, 2020, in order to allow issuers the time needed to focus on the many other business and financial reporting implications of COVID-19. The Trust and the Partnership will rely on this exemption with respect to filing of the Issuers' annual financial statements and accompanying Form 45-106F16 - Notice of Use of Proceeds for the year-ended December 31, 2019 (collectively the "Annual Filings"), all in accordance with the blanket relief provided by securities regulators. The Issuers have been working diligently and expeditiously with its auditors to file the Annual Filings on or around May 15, 2020.
The outbreak of the respiratory disease designated as COVID-19 in December 2019 has resulted in world-wide quarantines, layoffs, salary rollbacks, disruptions to global supply chains and significant volatility and declines in global financial markets. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession, which could materially adversely affect the Issuers' business, financial condition, and results of operations.
The extent of the evolving COVID-19 pandemic and its future impact on the Issuers is uncertain. Potential areas that could be impacted include, but are not limited to, availability of personnel, revenues, the amount and timing of operating and maintenance expenses, ability to access debt markets, and the timing of regulatory filings and proceedings.
The Issuers confirm that its management and other insiders will be subject to a trading black-out policy that reflects the principles in Section 9 of National Policy 11-207 - Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company further confirms that since the filing of its previous Annual Filings for the year-ended December 31, 2018, there have been no material business developments other than those disclosed through the Issuers' offering memorandum.
About the Issuers
The Issuers are a multi-generational family owned private firm committed to generating strong returns through prudent real estate investing. The Partnership intends to acquire a portfolio of properties located primarily in Ontario, and to a lesser extent in British Columbia, Alberta, and Saskatchewan. The activities of the Trust are limited to investing in Class A LP Units of the Partnership.
For additional information, please contact email@example.com.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Issuers to be materially different from those expressed or implied by such forward-looking information, including risks associated with commercial real estate operations such as economic factors and the impacts of COVID-19 as they effect business closures, consumer spending, government regulation, political or economic developments, environmental risks, operating or technical difficulties, employee relations, the speculative nature of real estate investment, including the risks of diminishing returns. Although the Issuers have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Issuers do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
For further information, please contact:
Pulis Real Estate Trust and Pulis Real Estate LP 2
Brian Pulis, Co-Founder and Chief Executive Officer
+905.452.1305 Ext 402
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55160