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Overland announces contract revision

  //business-finance.news-articles.net/content/2009/05/22/overland-announces-contract-revision.html
  Published in Business and Finance on Friday, May 22nd 2009 at 13:08 GMT, Last Modified on 2009-05-22 13:09:22 by Market Wire
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 HALIFAX, May 22 /CNW/ - (TSX-V - OVL) - Overland Realty Limited ("Overland" or the "Company") announced today that it has completed a multi-year renewal of its largest property management contract (the "Contract"). The revised Contract with the University of New Brunswick, maintains the facilities management role of the Company, but removes future exclusive arrangements for construction management. The net effect of these changes will be an overall reduction in the fee income generated from the Contract. For the previous fiscal year Construction Management fees from this Contract represented approximately $256,000. The Company has already taken steps to reduce management expenses associated with this work; however the incremental savings are expected to be significantly below the loss of income. About Overland Overland Realty Limited is a TSX-V listed, growth-orientated real estate corporation based in Halifax, Nova Scotia. The company is focused on increasing shareholder value through the acquisition, development, and management of commercial properties in targeted Canadian markets, starting within Atlantic Canada. Further information on Overland can be found at [ www.overlandrealty.ca ]. Forward Looking Information This press release contains forward looking statements. Overland is subject to significant risks and uncertainties which may cause the actual results, performance or achievements of Overland to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Such risk factors include, but are not limited to, risks associated with real property ownership, availability of cash flow, general uninsured losses, future property acquisitions, environmental matters, tax related matters, debt financing, potential conflicts of interest, potential dilution, reliance on key personnel and the potential any disclosed acquisitions will not close. A description of these risk factors can be found in Overland's most recent Management Discussion and Analysis, which can be found at [ www.sedar.com ]. Overland cannot assure investors that actual results will be consistent with these forward looking statements. The Corporation has issued and outstanding 26,084,940 common shares. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. 

For further information: Scott Armour McCrea, President and CEO, Overland Realty Limited, (902) 474-3000, [ information@overlandrealty.ca ]; Source: Overland Realty Limited