CALGARY, ALBERTA--(CCNMatthews - Jan. 4, 2007) - CanaDream Corporation (TSX VENTURE:CDN) (TSX VENTURE:CDN.DB): On February 27, 2004, the Company completed the sale of $3,184,000 of convertible, unsecured, subordinated debentures (the "Debentures"). The annual interest rate on the Debentures is 10%, payable quarterly until the maturity date of February 27, 2008, unless the holders elect earlier to convert their Debentures to common shares of CanaDream Corporation. Conversions prior to February 27, 2008 can be undertaken at $0.50 per common share. Beginning February 27, 2007, and until April 28, 2007, the debenture holders may elect to extend the term of the Debenture by one year to February 27, 2009. During the one-year extension, the interest rate and interest payment terms will remain unchanged while the conversion price will increase to $0.60 per common share.
CanaDream is encouraging its debenture holders to extend the term. In view of the fact that their election to extend must be in writing, the Company will be mailing them the forms necessary to make such election through its agent Computershare Trust Company of Canada.
CanaDream is a Canadian tourism company that is utilizing its proprietary business-to-business web-enabled system, (www.canadasbest.com), and its business-to-consumer on-line Internet reservation system, (www.canadream.com), to operate and expand its network of RV rental locations in Canada. CanaDream maintains six Company-operated locations in Calgary, Vancouver, Whitehorse, Toronto, Montreal, and Halifax. The Company is also leveraging its proprietary technology to build a franchised network of associate dealers that are fully interconnected to CanaDream's e-commerce systems. CanaDream now has three associate dealer franchisees in Edmonton Alberta, and Kelowna and Victoria, British Columbia.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and CEO