COLCO NEWS RELEASE

Owners celebrate win against leaky condo developer
Devastated buyers of Cressy's leaky condos continue to warn others about it's leaky warranty

Owners are celebrating a victory in their lengthy battle against Cressy Development Corp, creator of their leaky condo complex.  Cressy recently changed their sales office hours from the lucrative weekend hours to "summer weekday" hours at the Hampton's sales office in Richmond to avoid having the new customers meet the unhappy old customers.  Just down the road, Cressy's competitors are being swarmed by prospective weekend home buyers.

Owners representing the 184 families that have been financially devastated by buying into Cressy's last leaky development have successfully managed to impact the sales of Cressy's latest development, the Hamptons in Richmond.  The picketers have been staging an information picket at the Hampton's sales office every weekend letting prospective buyers know how Cressy has failed to fulfill the building envelope warranty that was offered to buyers as a sales incentive at two other recent large developments that they sold.

"I find it outrageous that Cressy was able afford to pay $4.5 million for the palatial mansion Casa Mia in Shaughnessy for himself when he could have offered that $4.5 million to the 184 devastated families that should have been covered by the Cressy warranty," says Richard Waleed, one of the many owners who are facing huge economic losses.  "Recently we have discovered that Cressy is negotiating with at least three other large developments that want compensation. Each accuses Cressy Development Corp. of construction negligence.  One of them, our neighbour, has been negotiating fruitlessly for many years."

"That is the trouble with warranties that are offered by, administrated by, and paid for by the developer," says the picketing leaky condo owners.  "You are forced to rely on the honesty and integrity of the developer when it comes to paying out the money.  Naturally it is in Cressy's best interest to belittle the magnitude of the terrible damage caused by poor building envelope design and refuse a payout that will rectify the problem permanently.  Cressy is only looking far enough ahead to get out from under their warranty obligations.  That means a cheap fix that will last only until the warranty expires. That way they can make sure that most of the problem is stuck in our pocket book."

Scott Cressy recently made a released statement that says that we were are not leaky condo owners.  We might not meet his criteria, but we certainly meet the government's criteria, the banks criteria, the realtors criteria and the criteria of professional building envelope engineers who rigorously tested our building.

An example of how Cressy deals with business obligations occurred while we were picketing the Hampton's.  On the sales sign was a buy-back guarantee to prospective buyers.  After we started picketing the sales people quickly covered up that offer.  Maybe the company doesn't feel obligated to keep that promise now either.

For more information contact:
Richard Waleed 604-437-9255
Tony Furtado 604-434-8724