Axess Pickering Ltd.

Axess Pickering Ltd., the owner of real property located at 1525 Pickering Parkway in Pickering, Ontario (the "Property"), had a receiver appointed over all of its assets on October 12, on application by C & K Mortgage Services Inc. (carrying on business as Rescom) and 975393 Ontario Inc., the company's senior secured creditors. The Property is a vacant 1.273 acre parcel which is being developed for construction of 336 units, in two residential condominium towers and approximately 26,000 square feet of office/restaurant space. On September 1, there was a default in the payment of interest under the charge on the Property, and no payments have been received since that date. Alvarez & Marsal was appointed receiver. Counsel is Dickinson Wright for the applicants.