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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i.
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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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ii.
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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.
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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.
SOURCE Lakeview Hotel Investment Corp