177 Cross Argus Development Inc.

On October 2, 2025 (the “NOI Filing Date“), 177 Cross Argus Development Inc. (the “Company“) filed a Notice of Intention to Make a Proposal (“NOI“) under the Bankruptcy and Insolvency Act, RSC 1985, C.B-3 (the “NOI Proceedings“). Albert Gelman Inc. (“AGI“) consented and was appointed to act as trustee under the NOI (in such capacity, the “Trustee“). The Company owns a 2.5-acre property known municipally as 177-185 Cross Avenue, Oakville, ON and 580 Argus Road, Oakville, ON (the “Real Property”), for the purpose of developing a mixed-use condominium/ redevelopment project.

Following the NOI Filing Date, on a motion and application made to the Ontario Superior Court of Justice (Commercial List) (the “Court“) by the Company’s senior secured creditor, the Court issued the following orders: (i) an order dated November 18, 2025 (the “NOI Withdrawal Order”), among other things, withdrawing the NOI Proceedings and discharging the Trustee, and (ii) an order dated November 20, 2025 (the “Receivership Order”), among other things, appointing Albert Gelman Inc. as receiver and manager (in such capacity, the “Receiver”) of the Company and Double Diamond Capital Inc. (“DDI”) in relation to the business carried on by the Company and DDI at the Real Property. For added clarity, the Receivership Order as it relates to DDI is solely in respect of its beneficial interest in the Real Property.

Please direct inquiries to the Receiver’s office as follows:

Albert Gelman Inc.
150 Ferrand Dr., Suite 1503
Toronto, Ontario M3C 3E5
Attention: Jacqueline Dowdell
Tel. 416.504.1650 Ext 133
Fax. 416-504-1655
Email: jdowdell@albertgelman.com