Pinehouse Business North (PBN) Assets Rollover agreements 2012

In 2012 all assets of Pinehouse Business North Development Inc. were transferred to Pinehouse Business North Limited Partnership.  PBN Development Inc. became the general partner in PBN Limited Partnership, while the Northern Village of Pinehouse became the limited partner.

The first agreement is between Pinehouse Business North (PBN) Development Inc. and same PBN Development Inc. (as general partner of PBN Limited Partnership) in which the sale price of PBN Development Inc.’s assets are rolled/turned over to the new PBN Limited Partnership at a value of $1,763,189.

The second amending agreement adjusts the valuation of assets rolled/turned over from PBN Development Inc. to PBN Limited Partnership downward from $1,763,189 to $1,668,449, based on revisions to PBN Development Inc.’s balance sheet on 30 June 2012.