Closing Doors on Dundas Square -
Olympic Spirit Toronto to Open at New Venue

Toronto, Canada - July 26, 2006

The local licensee and operator of Olympic Spirit Toronto, Toros Entertainment Inc. and PenEquity Management Corporation, has announced the closure of the operations on Dundas Square. The facility will continue to host a number of corporate events throughout the summer.

Mark Dzenick, Chairman and Chief Executive Officer of the Olympic Spirit Group, the master licensor of the Olympic Spirit concept together with the International Olympic Committee and the Canadian Olympic Committee, expressed his confidence in the city and optimism for the future following meetings with business leaders in Toronto.

“I appreciate the effort that Glenn Miller and his colleagues at PenEquity Management Corp. and Toros Entertainment Inc. have put into the project. They believed in Toronto and in bringing the Olympic Spirit to its citizens."

"I have a great deal of faith and trust in the city. The Olympic Spirit is alive and well in Toronto, and we hope to announce plans for a more family-oriented location sometime soon.”

> BACK