BURNABY, BC, July 18 /CNW/ - Canlan Ice Sports Corp. announced today that it has entered into an agreement to purchase The Ice Gardens at York University, Toronto. The Ice Gardens, built in 1996, is located on the main campus of York University in the City of Toronto. It is one of the largest arena complexes in Canada containing five NHL size rinks and one Olympic rink with seating for 1,500 spectators. In addition to six pads of ice the facility contains significant restaurant, fitness and retail space. The University is a major user of ice for their varsity and intramural teams. Canlan has agreed to purchase The Ice Gardens from PricewaterhouseCoopers Inc., which is acting as the court appointed receiver and manager for The Ice Gardens at York University Inc., and as trustee in bankruptcy for 1170843 Ontario Inc. Completion of the proposed purchase is subject to Canlan entering into a satisfactory assignment with York University of the Ice Gardens' lease. It is also subject to approval by the inspectors or creditors of the estate of 1170843 and issuance of a court order vesting the assets of the two companies in Canlan. The transaction is expected to close on July 31, 2006. Grant Ballantyne, Canlan's President & CEO, said that this significant transaction will give the Company a strategic foothold in Toronto and complements the Company's other five GTA facilities, containing 16 ice pads. He also stated that Canlan is looking forward to working with the University to create community programming and enhanced summer programming utilizing the University's extensive recreation/sport facilities and plentiful accommodations, all of which are close by on the University's campus. Canlan Ice Sport Corp is the largest private sector operator of recreational ice facilities in North America. Following this acquisition Canlan will own and/or manage 23 facilities with 67 playing surfaces in Canada and United States. Canlan also operates the Adult Safe Hockey League, the largest adult recreational hockey league in North America, with more than 40,000 players and offers a variety of other programs including youth leagues, hockey and figure skating academies and tournaments. Canlan is listed on the Toronto Stock Exchange under the symbol "ISE"