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IN THE MATTER OF THE RECEIVERSHIP OF SHAN-KAEL GROUP INC. OF THE CITY OF VAUGHAN, IN THE PROVINCE OF ONTARIO

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Ontario

Division No, 09

Court No.

15-11

178-000L

IN THE MATTER OF THE RECEIVERSHIP OF

SHAN-KAEL GROUP INC.

OF THE CITY OF VAUGHAN, IN THE PROVINCE OF ONTARIO

Notice and Statement of the Receiver

(Section 245(1) and 246(1) of the Bankruptcy and Insolvency Act)

The Receiver gives notice and declares that:

On November 16, 2015, pursuant to an order of the Ontario Superior Court of

Justice (Commercial List) (the "Receivership Order"), Grant Thornton Limited

was appointed as receiver and manager ("Receiver") of all of the assets,

undertakings and properties of Lance Kotton, Titan Equity Group Ltd., Executive

Leasing Capital Corp., Executive Leasing Inc., Titan 230 Major Mack Inc., Titan

10703 Bathurst Inc., Shan-Kael Group Inc. ("Shan-KaeI", or the "Company"),

Tread Finance Corp., 230 Major Mack Holdings Inc., Titan 10703 Bathurst

Holdings Inc., Titan Real Estate Acquisition & Development Corp., Titan Real

Estate Equities Inc., and 2216296 Ontario Inc. (the "Titan Group"). A copy of the

Receivership

Order

may be found on the Receiver's website at:

www.qrantthornton .ca/titan.

2.

The Receiver commenced safeguarding and taking control of the assets and

books and records of Shan Kael on November 18, 2015.

3.

The Receiver understands that Shan-Kael is the registered owner and manager

of the retirement home known as "Villa Del Sole" located at 7890 Pine Valley

Drive, Woodbridge, Ontario.

(2)

Based on our review of the books and records of Shan-Kael, the book value of

the Company's assets is described below:

Asset

Approx. Value

Current Assets

$352,473

Real Property

$16,579,233

Other Assets

Unknown

5.

Notwithstanding the above book values, the Receiver has not yet been able to

ascertain the fair market value of the assets.

6.

The following information relates to this receivership:

Head Office Address

Principal Line of

Locations of

_____________________

Business

Business

2501 Rutherford Road,

Real estate investment,

7890 Pine

Suite 33-36, Vaughan,

acquisition and

Valley Drive,

ON

development

Woodbridge,

______________________ _______________________

Ontario

7.

PPSA searches were conducted on the Company and identified the following

registrations. No acknowledgement is made by the Receiver concerning the

amounts owing or the security claimed.

Names of Secured Parties

Foremost Mortgage Holding

Corporation et al.

Executive Leasing Inc.

8.

A list of creditors of the Company is attached hereto.

(3)

9.

The intended plan of action of the Receiver is to realize on the Titan Group's

property by listing the real property for sale and/or such other means to maximize

the overall value of the Titan Group's property. Additionally, the Receiver intends

to conduct a Court approved claims process and distribute the funds to the

impacted stakeholders with the authority of the Court.

10.

Contact for the Receiver:

Jennifer Kwon

Telephone:

416-360-4167

Email:

titangroup©ca.gt.com

Fax:

416-360-4948

Dated at Toronto, Ontario this

24th

day of November, 2015.

GRANT THORNTON LIMITED

its capacity as Court-Appointed Receiver of Titan Group

and not in its personal or corporate capacity

JohatIn Krieger, CPA, CA, CIRP

StniIr Vice-President

(4)

Grant Thornton Limited Claims Register In the matter of the receivership of

Shan-KaeI Group Inc.

of the City of Concord, in the Province of Ontario

Insolvency Date: 1 6-Nov-20 15 Estate Number:

Creditor Name

Secured creditors

1.

Executive Leasing Inc. 2501 Rutherford Road, Suite 33 Vaughan ON L4K 2N6

2. Foremost Mortgage Holding Corporation el al 718 Wilson Avenue, Suite 500

Toronto ON M3K 1E2 3. Shan-Kael PMI Investors

Proof of

Claim Status Rank /

SOA

Amount

Admittedfor

Claim?

Class

Amount

Filed

Dividend

2,000,000.00 6,050,000.00 3,506,022.00 No No No Unsecured creditors

Total: Secured creditors 11,556,022.00

1. 2076245 Ontario Inc. C/O Maria Santos No 116,544.00

821 Wingarden Crescent Pickering ON L1V 0C2 2. Albert Laboni No 150.00 156 Katherine Rd. Toronto ON M3K 1J7 3. Antonella Di Leo No 618.90 Antonella Di Leo

4. ASupreme Nursing and Homecare No 845 Wilson Avenue # 103

Toronto ON M3K 1E6

5. B.O.S. Cleaners Inc. No

74 Twinberiy Crest Woodbridge ON ML 3X6

6. Barzula Café do Torrefazione Barzula & Importing No Limited

3117 Wharton Way Mississauga ON L4X 2B6

7. Batcher, Wasserman No 142,746.24

718 Wilson Avenue, Suite 500 Toronto ON M3K 1E3

8. Burrell Overhead Door Ltd. No 205.66

1853 Highway 7 Vaughan, ON Vaughan ON MK 1V4

9. Canada Revenue Agency No 1.00

Attn: Attn: Bankruptcy Dept. 1 Front Street West

Suite 100

Toronto ON M5J 2X6

10. Canamex Dry Wall No 13,526.78

66 Mill St.

Georgetown ON L7G 3H7

11. Cardinal Health Canada do T10284C No 446.90

P0 BOX 4918 STN, A Toronto, ON Toronto ON M5W 0C9 2,610.70 58,402.75 1,047.68

November 26, 2015

Page 1/5

(5)

Claims Register for Shan-Kael Group Inc. - Continued

Proofof Claim Status Rank/ SQA Amount Admittedfor

Claim? Class Amount Filed Dividend

12. City ofVaughan-SK#12500 NO 58,003.94

Tax Accounts P.O.Box 3500 Vaughan ON L4K 5N3

13. Di Manno Bakery No 25,694.87

10 Buttermill Ave. Concord ON L4K 3X4

14. Dignity Transportation Inc. No 304.67

900 Magnetic Drive Toronto ON M3J 2C4

15. Diva Diverse Inc. No 678.00

777 Warden Aye, Unit 201 Toronto ON M1L 4C3 16. Dr. Donato Spensierl No 1,785,60 4600 Highway 7 Suite 205 Woodbridge ON L4L 4Y7 17. Ecolab No 1,902.23 P.O. Box 2010 Mississauga ON L4T 4H6 18. Employees No 1.00 19. Enbridge No 2,029.36 P.O Box 644 Scarborough ON M1K 5H1

20. Estate of Ruth Ridolfo No 3,110.31

Estate of Ruth Ridolfo

21. Eye-View Drain Services Ltd. No 678.00

980 Alliance Road Unit #2 Pickering ON LIW 3M9

22. Foremost Mortgage Holding Corporation, Teib No 6,050,000.00 Mortgage Holding Corporation

do Harvey Mandel, Barrister & Solicitor

55 Queen Street East, Ste 203

Toronto ON M5C 1R6

23. Forever Green Lawn & Landscape Inc. No 4,043.52

150 Clark Blvd. Suite 218 Brampton ON L6T 4Y8

24. Home Depot No 7,064.39

P.O Box 4609 Station A Toronto ON M5W 4Z5 25. Hummingbird No 161,001.80 8800 Dufferin St., Suite 301 Vaughan ON L4K 0C5 26. HVAC Service No 1,497.66 8886 5th Side Road, R.R. #3 Everett ON LOM hO

27. Ironstone Entrance Technologies Inc. No 180.80

183-1063 King Street West Hamilton ON L8S 4S3

28. Mammone Disposal System Limited No 355.95

8940 Jane Street Vaughan ON L4K 2M9 29. Mancuso Paving Ltd. No 2,542.75 64 Shaft Road Toronto ON M9W 4M2 November 26, 2015 Page 2 / 5

Insolvency Date: 16-Nov-20 15 Estate Number:

(6)

Claims Register for Shan-Kael Group Inc. - Continued

Insolvency Date: 1 6-Nov-20 15

Estate Number:

Proof of

Claim Status Rank /

SOA

Amount

Admittedfor

Claim?

Class

Amount

Filed

Dividend

30. Ministry of Finance(EHT) No 1,00

Attn: Collections Branch 33 King Street West Box 640

Oshawa ON L1H 8H5

31. Mircom / Gardia (Toronto) Inc. No 5,364.39

25 Interchange Way Vaughan ON L4K 5W3 VO 106-0 1-MIR

32. Mircom Canada (Mircom Technologies Ltd.) No 2,271.20

25 Interchange Way Vaughan ON L4K 5W3

33. Organic Resource Managment Inc. No 808.55

3700 Steels Ave. West, Suite 601 Woodbridge ON L4L 8K8

34. Otis Canada Inc. No 2,141.93

1655 The Queensway East

Mississauga ON L4X 2Z5

35. Powerstream No 17,672.17

P.O Box 3700 Concord ON L4K 5N2

36. Pure Wireless Consulting No 1,000.00

14-3650 Langstaff Rd. Suite 102 Woodbridge ON ML 9A8

37. Rogers 239-230344208 No 3,100.72

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

38. Rogers 6-5767-2838 No 158.07

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

39. Rogers 6-5867-4 106 No 34.02

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

40. Rogers 6-5867-530 1 No 451.35

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

41. Rogers 6-5867-6648 No 188.12

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

42. Rogers 6-5 868-5470 No 65.83

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

43. Rogers 6-5868-5490 No 723.05

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

44. Rogers 6-5868-7355 No 201.58

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

45. Rogers 6-5953-4994 No 42.73

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

46. Rogers 6-6648-7 152 No 269.14

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

Creditor Name

(7)

Claims Register for Shan-Kael Group Inc. - Continued

Insolvency Date: 1 6-Nov-20 15

Estate Number:

Creditor Name

47.

Rogers 7-0020-4928 Rogers P.O. Box 9100 Don Mills ON M3C 3P9 48. Rogers 7-0654-7064

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

Proof of

Claim Status Rank /

SOA

Amount

Admittedfor

Claim?

Class

Amount

Filed

Dividend

No 9.18

No 228.03

49. Rogers 7-0654-798 1 No 189.23

Rogers P.O. Box 9100 Don Mills ON M3C 3P9

50.

Royal Alarms Ltd. No 966.15 P.O. Box 263 Concord ON L4K 1B4 51. SafetyMedialnc. No

57.75

10 Meteor Dr. Toronto ON M9W 1A4 52. SBlWoodworking No 47,375.25 57 Ashwood Cres. Brampton ON L6T 1M1 53. Sean Chubbuck No 457.65 22 Balson Blvd. Stouffville ON L4A 7X3 54. Shan-Kael-Promissory Notes No 858,852.00 55. Shan-Kael-Tread Notes No 2,506,022.00 56. SNAP Woodbridge No 1,785.40

14-3650 Langstaff Road, Suite #128 Woodbridge ON L4K 9A8

57. Sun-Brite Drapery No 855.20

7695 Jane St. Unit 11 Concord ON Concord ON L4K 1A8

58. Technical Standards and Safety Authority No 220.35

14th Floor, Centre Tower 3300 Bloor St. West Toronto ON M8X 2X4

59. The Gardener Landscape Maintenance No 1,428.72

14-3650 Langstaff Road, Suite 111 Woodbridge ON ML 9A8

60. Trimen No 1,599.61

1240 Ormont Drive Toronto, ON, Toronto ON M9L 2V4

61. Unique Care No 183.06

69 Collard Drive King City, ON King City ON L7B 1E4 VDSOO1

62. Universal Care No 16,950.00

10500 Duliferin St. Maple ON L4A 4R1

63. Villa Colombo Vaughan No 127.60

10443 Hwy 27

Kleingburg ON LOJ 1CO

64. Waste Management No 444.20

1100, 700 6 Avenue SW Calgary AB T2P 0T8 UNC000003

65. Westport Manufacturing Co.,Ltd. No 1,017.00

1122 S.W. Marine Drive Vancouver BC V6P 5Z3

(8)

Claims Register for Shan-Kael Group Inc. - Concluded

Insolvency Date: 1 6-Nov-20 15

Estate Number:

Creditor Name

66. Workplace Safety & Insurance Board P.O Box 4115 Station A Toronto ON Toronto ON M5W 2V3

5441859

67.

Zeifmans LLP

201 Bridgeland Avenue Toronto, On Toronto ON M6A 1Y7

Proof of

Claim Status Rank /

SOA

Amount

Admittedfor

Claim?

Class

Amount

Filed

Dividend

Grand Total: 21,693,384.86

No 88.67

No 6,836.50

Total: Unsecured creditors 10,137,362.86

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