FOR IMMEDIATE RELEASE

One year ago, Olympic Spirit Toronto was announced to the world

Geneva - November 27, 2002

One year ago in Toronto, the International Olympic Committee (IOC), the Canadian Olympic Committee (COC), the International Spirit Development Organisation and PenEquity Management Corp together with the City of Toronto announced that Olympic Spirit Toronto would open in the heart of the city on Dundas Square.

Construction on the site began last month, with excavation crews mapping out the underground cable network in cooperation with the local TTC and Hydro authorities.

Glenn Miller, Chief Executive Officer of PenEquity Management Corp and the driving force behind the project, indicated that the development is now on schedule and Olympic Spirit Toronto will open its doors to the public in April, 2004.

Olympic Spirit Toronto will provide the Canadian Olympic Committee with a unique opportunity to pay tribute to Olympic heroes, history and sport. As COC President Michael Chambers stated at the project announcement last November, "There is no greater icon of Canadian pride than a Canadian Olympic athlete. It will be an honour to see so many of our heroes recognized in the Toronto Olympic Spirit center, where so many visitors can share the pride."

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