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11
Nov

INTERRENT PROPERTIES LTD. ACQUIRES All ISSUED AND OUTSTANDING SHARES OF BEAUFORT HILLS RESOURCES

Thursday November 11, 1999

HOUS.CDN

Toronto, Ontario:

INTERRENT PROPERTIES LTD. (the "Corporation") (formerly "Beaufort Hills Resources Inc.") is pleased to announce that it has acquired all the issued and outstanding common and preference shares of InterRent Properties Inc. ("InterRent"). At a special meeting of shareholders held on Friday October 29, 1999, the shareholders of the Corporation approved the acquisition of InterRent by authorizing the issuance of 451 Units and 1,400,000 Series A Preference Shares to the shareholders of InterRent in exchange for their shares. Each Unit is composed of 35,000 post-consolidation common shares (see below) and 35,000 common share purchase warrants exercisable at $0.25 per share for a period of two years from date of issuance. In connection with this acquisition, the Corporation has changed its name to its current form, InterRent Properties Ltd.

Shareholders also approved the following:

1. the creation of an unlimited number of one class of shares, designated as Preference Shares;
2. the consolidation of the Corporation's common shares on a 3 for 1 basis;
3. certain amendments to the Corporation's stock option plan; and
4. the election of a new board of directors.

InterRent is in the business of acquiring multiple unit residential income properties within the Greater Toronto Area ("GTA"). Allocating most of its resources in the three (3) to fifteen (15) unit building range and in the High-Park, Parkdale, Davenport and Mimico areas of the GTA, InterRent has, since 1997, established a portfolio of seven (7) buildings containing 43 units.

The new directors of the Corporation are Messrs. Robert G. Coffey, G. Michael Newman, Bryan Knebel, Harold L. Sclodnick, Paul Roberts, Clare Harris, Andrew Melzer and Adrian P. Newman. In addition Mr. G. Michael Newman has also been appointed President and Chief Executive Officer and Mr. Coffey was also appointed Chairman of the Board.

Mr. Coffey is currently a Senior Associate of Commercial Venture Services Inc., a financial intermediary working with mid-size companies to assist in merger and acquisition activity, financing and valuation services. Mr. Coffey was Vice President of Kinghaven Capital Inc. He is a chartered accountant by profession and he has been an executive partner at Thorne, Ernst and Whinney, Vice Chairman of KPMG, Peat Marwick Thorne and Senior Vice President of ABN AMRO Bank Canada. He is the founder of the Canadian Association for Corporate Growth and the Toronto chapter of the Turnaround Management Association. Mr. Coffey is also a lecturer at McGill University and the University of Toronto.

Mr. G. Michael Newman is an investment banker as well as the founder and President of InterRent since 1997.

Mr. Knebel is the Chief Financial Officer of GolfNorth Properties Inc., an owner and developer of semi-private / public golf courses and related real estate. Mr. Knebel has held various positions with the Toronto Dominion Bank, primarily in commercial lending.

Mr. Sclodnick is a lawyer practicing in the areas of real estate and mortgages, civil litigation and administrative law in downtown Toronto.

Mr. Roberts is the President of Adelaide Development Corporation, a property management company specializing in the management of small and medium sized income properties. Previously, Mr. Roberts was the Sales & Marketing Manager for the British Broadcasting Corporation.

Mr. Harris is the President of Harmony Building Maintenance, an Ontario company providing maintenance services to a range of commercial buildings.

Mr. Melzer is the President of Third Wave Media Inc., an American computer hardware company.

Mr. A. Newman is the President of Adevam Investments Inc., a private Ontario company engaged in investment banking. Mr. A. Newman is also the Production Coordinator of Lombardi Media Corp., an Alberta Stock Exchange listed company.

The acquisition of InterRent has resulted in a change of business of the Corporation and, as a result, the common shares of the Corporation are temporarily taken off from a visible quotation on the Canadian Dealing Network. The Corporation intends to file an application for a visible quotation with the Canadian Dealing Network in the near future. In the interim, all trades in the Corporation's common shares will be reported to the Canadian Dealing Network Inc. for trade reporting purposes only starting November 11, 1999. The Corporation's new symbol is "HOUS".

The current issued and outstanding capital of the Corporation consists of 16,062,944 common shares and 15,785,000 warrants exercisable at $0.25 per share for a period of two years ending November 2, 2001.

For further information, please contact G. Michael Newman, President at (905) 773-2435.

CONTACT INTERRENT PROPERTIES LTD. www.interrentproperties.com