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Tenor Development by Time Developments Ltd., Receivership

Pursuant to an Order of the Court of Queen’s Bench of Alberta (the “Court”) dated February 19, 2010 (the “Order”), Deloitte & Touche Inc. was appointed as the Receiver and Manager (the “Receiver”) of the Tenor Development (“Tenor”) that is owned by Time Developments Ltd. (“Time”)  and located at 35 Sturgeon Road in St. Albert, Alberta.  Tenor is a partially completed four level apartment condo building with 65 residential units and a 2 level underground parkade with over 100 stalls.  Tenor has a gross floor area of approximately 82,000 square feet and the superstructure is concrete block to the parkade level, with steel frame construction to the remaining three floors. Additional information on Tenor can be obtained from the Receiver.


Court Order - February 19, 2010