Thursday, September 20, 2007


Sep. 20, 2007 (Canada NewsWire Group delivered by Newstex) -- HALIFAX, Sept. 20 /CNW/ - Clarke Inc. ('Clarke') announces that it has acquired $5,452,000 in aggregate principal amount of Royal Host Real Estate Investment Trust ('Royal Host') convertible unsecured debentures ('Debentures'), Series A.

The Debentures are immediately convertible into Royal Host units, at a conversion rate of 166.67 units per $1,000 aggregate principal amount of Debentures. In the aggregate, the Debentures held by Clarke are convertible into 908,667 units of Royal Host, which combined with the 4,364,702 Royal Host units held by Clarke, total 5,273,369 units, representing approximately 19.58% of the outstanding units of Royal Host on a converted basis.

The Royal Host units and Debentures (on a converted basis) held by Clarke and the units held by George Armoyan, the President and Chief Executive Officer of Clarke, together total 5,294,569 units, representing approximately 19.66% of the total outstanding units of Royal Host on a converted basis.

The purchase of the Royal Host Debentures by Clarke was made through the facilities of the Toronto Stock Exchange for investment purposes. Clarke may, from time to time, acquire additional Royal Host units or Debentures, dispose of some or all of the existing or additional units or Debentures, or continue to hold the Royal Host units or Debentures in the normal course of Clarke's investment activities.

The issuance of this news release does not constitute an admission by Clarke that it is acting jointly or in concert with Mr. Armoyan with respect to Royal Host.


About Clarke


Clarke Inc. is the Halifax-based parent company of a number of wholly-owned operating companies and divisions, and is an activist catalyst investor with a diversified portfolio of strategic and opportunistic investments. Clarke's operating companies are in the transportation services business. From time to time, Clarke also participates in joint ventures when they offer the opportunity to create shareholder value. Led by George Armoyan and an entrepreneurial team of professionals focused on uncovering and creating value, Clarke invests in undervalued businesses and participates actively where necessary to enhance performance and increase returns. In 2006 alone, Clarke delivered a shareholder return on investment, including dividends, of 33%. Clarke's securities trade on the Toronto Stock Exchange (CKI, CKI.DB, CKI.DB.A); for more information about Clarke, please visit our website at www.clarkeinc.com.

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