TSX-V Trading Symbol: CMU
PRESS RELEASE—OCTOBER 9, 2024
Kamloops, B.C. – Comet Industries Ltd. ("Comet") is pleased to provide an update on Iron Mask Industrial Park, its parcel of land currently under development in Kamloops, British Columbia, Canada. Company President Mike O’Reilly stated “We have started into our two and a half year earthworks program for phases 1a and 1b at the site.”
Work on each phase is summarized as follows:
Phase 1a
This phase encompasses approximately 13 acres of sellable land and will include surveying, blasting, transporting materials from one part of the site to another, grading, utility installation, and the building of curb, gutters and sidewalks. The work is scheduled to be completed by Q4 2025 and is currently on schedule.
Phase 1b
This phase is the largest of the two phases and encompasses 36 acres of land. In phase 1b, additional land will be surveyed, areas blasted, and materials transported to infill other areas of the site, with additional grading to ready the land for development. The work is scheduled to be completed by Q4 2026.
Upon completion of phases 1a and 1b, Mr. O’Reilly reported that the Company anticipates moving to Phase 2 summarized as follows:
Phase 2
This phase will be roughly 75 sellable acres and will be built out in future years based on the absorption of Phase 1a and 1b
Mr. O’Reilly noted that dates for completion of Phases 1a, 1b and 2 are subject to change and based on government approvals.
About Comet Industries Ltd.
Comet Industries Ltd. was established in 1972, incorporated in the Province of British Columbia, and is listed on the TSX Venture Exchange. The Company is in the business of holding and developing real estate properties, all in British Columbia (“BC”). The Company owns unimproved land in Kamloops, and Nelson Island on a freehold basis. A major initiative by the company is the Iron Mask Industrial Park project. Visit: https://www.cometindustries.ca/
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statement of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the reference to proposed development of the Iron Mask Industrial Park. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward looking statements, include market prices, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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