Stanley JV Inc. et al.

Pursuant to an order of the Ontario Superior Court of Justice (Commercial List) dated July 30, 2026 (the “Appointment Order”), Albert Gelman Inc. (“AGI”) was appointed as receiver and manager (in such capacities, the “Receiver”), without security, of the assets, undertakings and properties (collectively, the “Property”) of Stanley JV Inc., Valour Stanley Holdings Inc., Stanley Development Limited Partnership and Stanley Development GP Inc. (collectively, the “Debtors”).

 Pursuant to paragraph 3 of the Appointment Order, AGI’s appointment as Receiver became effective on September 1, 2026, following the Debtors’ failure to pay in full, by August 31, 2026, all amounts owing to Darko Vranich Holdings Inc., the Debtors’ senior secured creditor and the applicant in the receivership proceedings.

 Stanley JV Inc. is the registered owner of the amalgamated parcel of real property bearing PIN 64376-0191 and municipally known as 6663, 6671 and 6683 Stanley Avenue and 5582 and 5640 Dunn Street, Niagara Falls, Ontario (the “Stanley Real Property”). The Stanley Real Property comprises approximately 3.7 acres and is improved by, among other things, a former 60-room motel, three vacant residential houses, a Quonset hut, a tenanted restaurant, and a telecommunications tower. A former tenant operated the motel under the Rodeway Inn Fallsview brand until its tenancy was terminated and hotel operations ceased on September 28, 2026. The building housing the former hotel is currently vacant. The building municipally known as 6671 Stanley Avenue continues to be occupied by a tenant operating Zappi’s Pizza and Pasta, and a Bell Mobility telecommunications tower is located on the Stanley Real Property pursuant to a lease. The Receiver is in the process of preparing the Stanley Real Property for sale pursuant to a court-supervised sale process.