Controlling Shareholders of Boardwalk Equities Inc. Propose Share Sale

Apr 25, 2001, 01:00 ET from Boardwalk Equities Inc.

    CALGARY, April 25 /CNW/ - Boardwalk Equities Inc. (NYSE:   BEI)(TSE: BEI) -
 Sam and Van Kolias, the controlling shareholders of Boardwalk Equities Inc.,
 personally and through their interest in Boardwalk Properties Company Limited
 and other entities owned or controlled by them, announced today their
 intention to sell up to 410,000 common shares of Boardwalk Equities Inc. from
 their combined holdings. The controlling shareholders currently own or have
 control or direction over a total of 17,168,800 common shares of Boardwalk
 Equities Inc., representing approximately 34.39% of the outstanding common
 shares.
     The share sale is being undertaken to provide the controlling
 shareholders with a source of funds to repay indebtedness which they have
 incurred, for tax planning purposes and to provide funding for their
 charitable causes. The decision to engage in this sale of shares does not
 reflect any change in the controlling shareholder's intention to maintain
 their significant equity stake in Boardwalk Equities Inc. Rather, the share
 sale reflects the fact that over the past six years Sam and Van Kolias have
 taken no wage or salary compensation from Boardwalk Equities Inc. in their
 capacities as officers of the Corporation. Furthermore, Messrs. Sam and Van
 Kolias intend to make similar dispositions in future years to diversify their
 portfolio and continue to fund various charitable endeavors.
     The controlling shareholders have appointed HSBC Securities (Canada) Inc.
 to execute the share sale through the facilities of the Toronto Stock
 Exchange. The share sale will commence on or after April 30, 2001, and in
 accordance with applicable securities regulations, and will be executed on an
 orderly basis so as to avoid adversely impacting the market for the common
 shares of Boardwalk Equities Inc. Notice of the controlling shareholders'
 intention to sell has been filed with the applicable securities commissions
 and stock exchanges.
     Boardwalk Equities Inc. is a customer-oriented, technologically
 advanced real estate company specializing in the acquisition and management of
 multi-family residential projects throughout Canada. Boardwalk owns 25,000
 suites representing not rentable square feet.
 
     The Toronto Stock has neither approved nor disapproved the information
 contained herein.
 
 

SOURCE Boardwalk Equities Inc.
    CALGARY, April 25 /CNW/ - Boardwalk Equities Inc. (NYSE:   BEI)(TSE: BEI) -
 Sam and Van Kolias, the controlling shareholders of Boardwalk Equities Inc.,
 personally and through their interest in Boardwalk Properties Company Limited
 and other entities owned or controlled by them, announced today their
 intention to sell up to 410,000 common shares of Boardwalk Equities Inc. from
 their combined holdings. The controlling shareholders currently own or have
 control or direction over a total of 17,168,800 common shares of Boardwalk
 Equities Inc., representing approximately 34.39% of the outstanding common
 shares.
     The share sale is being undertaken to provide the controlling
 shareholders with a source of funds to repay indebtedness which they have
 incurred, for tax planning purposes and to provide funding for their
 charitable causes. The decision to engage in this sale of shares does not
 reflect any change in the controlling shareholder's intention to maintain
 their significant equity stake in Boardwalk Equities Inc. Rather, the share
 sale reflects the fact that over the past six years Sam and Van Kolias have
 taken no wage or salary compensation from Boardwalk Equities Inc. in their
 capacities as officers of the Corporation. Furthermore, Messrs. Sam and Van
 Kolias intend to make similar dispositions in future years to diversify their
 portfolio and continue to fund various charitable endeavors.
     The controlling shareholders have appointed HSBC Securities (Canada) Inc.
 to execute the share sale through the facilities of the Toronto Stock
 Exchange. The share sale will commence on or after April 30, 2001, and in
 accordance with applicable securities regulations, and will be executed on an
 orderly basis so as to avoid adversely impacting the market for the common
 shares of Boardwalk Equities Inc. Notice of the controlling shareholders'
 intention to sell has been filed with the applicable securities commissions
 and stock exchanges.
     Boardwalk Equities Inc. is a customer-oriented, technologically
 advanced real estate company specializing in the acquisition and management of
 multi-family residential projects throughout Canada. Boardwalk owns 25,000
 suites representing not rentable square feet.
 
     The Toronto Stock has neither approved nor disapproved the information
 contained herein.
 
 SOURCE Boardwalk Equities Inc.