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TORONTO-Empire Global Corp., a company traded on the Over-the-Counter Bulletin Board, has agreed to acquire the owner of 501 Alliance Ave., a 318,703-sf office property here, for 6.24 million shares of newly issued stock. The company’s stock last traded at around $0.80 per share.

The company being acquired is 501 Canada Inc. In addition to 501 Alliance, which is located in a residential area on the west side of the city, 501 Canada owns 3025 Kennedy Rd, a 27,700-sf office property located 10 miles east of the larger property.

According to Empire Global, the total fair market value of 501′s real estate assets as of Sept. 30, 2005 was $11.1 million, with a combined mortgage of $7.3 million, bringing 501′s net real-estate asset value to $3.8 million. The company’s rental revenue for the years ended Dec. 31, 2003 and 2004 were $510,380 and $650,745 respectively.

No one from Empire Global returned a call seeking further comment. The company has previously existed as Tradestream Global Corp., Vianet Technology Group Ltd. and Pender International Inc.

“The acquisition of 501 establishes a solid core business for our company,” says Empire chairman Kalson Jang in a prepared statement. “[It] fits perfectly into our overall business plan to focus on property and real estate acquisitions.”

Technically, 501 Canada is being acquired by Empire Global Acquisitions Corp., a subsidiary of Empire Global Corp. Empire Global Acquisitions will issue shares that are exchangeable for 6.24 million shares of Empire Global Corp.

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