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Cagim Real Estate Corporation: Appointment of New President for Cagim

^{Published on 2008-12-31 08:37:55, Last Modified on 2008-12-31 08:38:31 - Market Wire}
 

QUEBEC CITY, QUEBEC--(Marketwire - Dec. 31, 2008) - The Board of directors of Cagim Real Estate Corporation (the "Corporation" or "Cagim") (TSX VENTURE:CIM) announces the appointment of Mr. Stephane Beshro as interim President of the Corporation, who accumulates about twenty years of experience in the real estate market, being at the level of real estate portfolio management, as well as investment project analysis. Mr. Beshro is a member of the Board of Directors of Cagim since its listing to the TSX Venture Exchange in September 2004. He is well aware of the Corporation's objective and goals to reach.

Moreover, the Board of Directors appoints within the present context, Guy Boutin as Chief Executive Officer of the Corporation. "Notwithstanding the present economic circumstances, we are confident to give value to our real estate portfolio with the addition in 2009 of more than 250,000 square feet of rental area and to provide a added value to our shareholders", declared the new Chief Executive officer.

Today the President and Chief Executive officer of the Corporation announced his departure at the end of present year and he will also leave his position as director to meet other professional challenges. This change in the management will be effective as of December 31st 2008.

The Board of Directors wishes to acknowledge the work done by Mr. Arsenault. Throughout his leadership, Cagim was able to achieve many development projects creating a profit for all its shareholders, employees and business partners.

About Cagim

The Corporation is listed on the TSX Venture Exchange since September 21, 2004, and operates property management and acquisition activities. The Corporation has granted a special dividend of 0.15$ in February of 2008. The Corporation operates its activities through its subsidiaries ADG Immobilier Inc. and Complexe Lebourgneuf Inc.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.