WINNIPEG, MB, Nov. 4, 2020 /CNW/ – Lakeview Hotel Investment Corp. (TSXV: LHIC) (the “Corporation” or “Lakeview“) announced today that it has entered into an amending agreement to be dated effective April 1, 2020 (the “Amending Agreement“) with Lakeview Management Inc. (“LMI“), Lakeview Flag Management General Partnership (“LFMGP”), Lakeview Flag Licensing General Partnership (“LFLGP”) and Lakeview Flag Operating Limited Partnership (“LFOLP“) to revise the fees payable by the Corporation and/or LFOLP to each of LMI, LFMGP and LFLGP under the following agreements:
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Various hotel management agreements entered into from time to time by LFMGP and LFOLP, pursuant to which LFMGP provides management, operational and promotional services to LFOLP in exchange for monthly fees; and |
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Various license agreements entered into from time to time by LFLGP, LMI and LFOLP, pursuant to which LFLGP licenses a business system for providing the public with hotel services to LFOLP in exchange for monthly fees payable to LFLGP and LMI. |
Under the Amending Agreement LMI, LFMGP and LFLGP will no longer receive remuneration from the Corporation and/or LFOLP under the above referenced agreements. The parties to the Amending Agreement believe that waiving the fees due and owing by the Corporation and its subsidiaries under the respective agreements will increase the value of the issued and outstanding shares and debentures of the Corporation thereby benefiting shareholders and debenture holders of the Corporation.
No other provisions of the agreements have been amended.
About the Corporation
Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol “LHR”. Lakeview Hotel Investment Corp receives income from ownership, management and licensing of hotel properties.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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