The Grand Council of the Crees

SIGNING OF THE MEMORANDUM OF UNDERSTANDING, ONE STEP CLOSER TO THE CONSTRUCTION OF THE CREECO HOTEL

Posted: 2012-02-24

Baie-Comeau, February 24, 2012. – Last December, CREECO announced an substantial investment in our territory , with itsconstruction of a 70 room hotel, scheduled for spring2012.Today, another important step was taken towards the realization of this project, by signing an official MOU between CREECO, represented by its President, Mr. Jack R.Blacksmith, Business Development Officer, Mr. Rodney W. Hester and Me Gilles Gagné, and the City of Baie-Comeau.

The transaction , an amount of $ 800 000, thus confirms the acquisition of land with an area of??9290square meters, bordering Golf Club in Baie-Comeau.

The Mayor of Baie-Comeau, who was very pleased with the purchase, stressed the importance of this transaction for the City of Baie-Comeau. "Like I mentioned at the first announcement, we see this as the driving force behind the development of a new residential and commercial center. Overall, we feel that this investment creates the attraction to Baie-Comeau also fromother promoters. This is very positive and we continue to enjoy the excitement and promote the growth of our city."

Mr. Blacksmith, President, commented: "We believe that the choice of Baie-Comeau to invest will be beneficial to our company of course, but also for Baie-Comeau. When CREECO decides a location for investment, we always want to do it in a perspective of profitability for both parties. That our project here can also enable the City to Baie-Comeau to make further developments to serve its population can only rejoice."

The hotel is expected to operate under the banner of Choice Hotels.