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Sapphire Tower Development Corp.

Sapphire Tower Development Corp. ("Sapphire") obtained a Stay of Proceedings under the Companies' Creditors Arrangement Act (CCAA) on 20 July 2007. Court Orders were issued on August 16, 2007, September 4, 2007, November 7, 2007 and December 14, 2007. Under the orders BDO Dunwoody Limited was appointed monitor under the provisions of the CCAA and Interim Receiver under the Courts of Justice Act and the Bankruptcy and Insolvency Act.

CREDITORS ARE INVITED TO REGISTER to receive notice, by e-mail, when additional documents are posted to this web site. Copies of Orders, Reports and other pertinent information may be accessed via the sidebar links at any time. Updates, including all relevant orders issued by the Court, have been and will be posted as they become available and notice of the new posting will be sent, by e-mail, to all registered creditors.

BDO Dunwoody Limited was authorized to conduct a sales process for the land owned by Sapphire located at 66 Temperance Street, Toronto, Ontario in accordance with a plan approved by the Court on September 4, 2007. The sales process has been completed, and a sale to Skyline International Development Inc. was approved by the Court on December 14, 2007. The sale is scheduled to be completed on January 14, 2008.

For general queries please contact Mr. Bruno Suppa at (e-mail bsuppa@bdo.ca) or by calling 416-865-0200, or by facsimile at 416-865-0904.