/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, March 27, 2014 /CNW/ - True North Commercial Real Estate
Investment Trust (TSX: TNT.UN) (the "REIT") announced today that effective March 26, 2014, KPMG LLP ("KPMG") has tendered its resignation at the request of the REIT and BDO
Canada LLP ("BDO") has been appointed as the successor auditor. The REIT expects to achieve material cost savings resulting from the
engagement of BDO as the REIT's auditor.
In accordance with National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), the REIT has filed a Notice of Change of Auditor. To the REIT's
knowledge, there were no "reportable events" as such term is defined in
NI 51-102 between the REIT and KPMG.
Forward-looking Information
Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian securities
laws. Forward-looking information is provided for the purposes of
presenting information about management's current expectations and
plans relating to the future and readers are cautioned that such
information may not be appropriate for other purposes. Forward-looking
information may relate to the REIT's future outlook and anticipated
events, including cost savings in connection with the appointment of
BDO as the REIT's auditor, and may include statements regarding the
financial position, business strategy, budgets, litigation, projected
costs, capital expenditures, financial results, taxes and plans and
objectives of or involving the REIT. Particularly, statements regarding
future results, performance, achievements, prospects or opportunities
for the REIT or the real estate industry are forward-looking
information. In some cases, forward-looking information can be
identified by terms such as "may", "might", "will", "could", "should",
"would", "occur", "expect", "plan", "anticipate", "believe", "intend",
"seek", "aim", "estimate", "target", "project", "predict", "forecast",
"potential", "continue", "likely", "schedule", or the negative thereof
or other similar expressions concerning matters that are not historical
facts.
Forward-looking information necessarily involves known and unknown risks
and uncertainties, which may be general or specific, and which give
rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals and
priorities will not be achieved. A variety of factors, many of which
are beyond the REIT's control, affect the operations, performance and
results of the REIT and its business, and could cause actual results to
differ materially from current expectations of estimated or anticipated
events or results. These factors and the risks are discussed in the
REIT's materials filed with Canadian securities regulatory authorities
from time to time on www.sedar.com. The reader is cautioned to consider
these and other factors, uncertainties and potential events carefully
and not to put undue reliance on forward-looking information as there
can be no assurance that actual results will be consistent with such
forward-looking information.
Forward-looking information is based upon certain material assumptions
that were applied in drawing a conclusion or making a forecast or
projection, including management's perceptions of historical trends,
current conditions and expected future developments, as well as other
considerations that are believed to be appropriate in the
circumstances, including the following: that the Canadian economy will
remain stable over the next 12 months; that inflation will remain
relatively low; that interest rates will remain stable; that conditions
within the real estate market, including competition for acquisitions,
will be consistent with the current climate; that the Canadian capital
markets will continue to provide the REIT with access to equity and/or
debt at reasonable rates when required; and that Starlight Investments
Ltd. will continue its involvement as asset manager of the REIT in
accordance with its current asset management agreement. While
management considers these assumptions to be reasonable based on
currently available information, they may prove to be incorrect.
The forward-looking information in this press release is dated, and
relates only to events or information, as of the date of this press
release. Except as specifically required by law, the REIT undertakes no
obligation to update or revise publicly any forward-looking
information, whether as a result of new information, future events or
otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust
established under the laws of the Province of Ontario.
The REIT is focused on acquiring and operating commercial rental
properties across Canada and such other jurisdictions where
opportunities exist. Additional information concerning the REIT is
available at www.sedar.com.
SOURCE True North Commercial Real Estate Investment Trust
