BK Canadian Banc Corp

The Board of Directors of Canadian Banc Recovery Corp. ("The Company") today
announced that a special meeting of the holders of the Company's Preferred
Shares and Class A Shares will be held at 10:00 a.m. (Eastern standard time) on
Thursday, November 3, 2011. The purpose of the meeting is to consider a special
resolution to extend the mandatory termination date for the Company from
December 1, 2012 to December 1, 2018. Shareholders of record at the close of
business on September 29, 2011 will be provided with the notice of meeting and
management information circular in respect of the meeting and will be entitled
to vote at the meeting.


If the extension is approved, Class A Shareholders and Preferred Shareholders
will be provided with a Special Retraction right which is designed to provide
Shareholders with an opportunity to retract their Shares and receive a
retraction price that is calculated in the same way that such price would be
calculated if the Company were to terminate on December 1, 2012 as originally
contemplated.


The Company invests in a portfolio of six publicly traded Canadian Banks as
follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of
Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares
held within the portfolio are expected to range between 5-20% in weight but may
vary at any time. To generate additional returns above the dividend income
earned on the portfolio, the Company will engage in a selective covered call
writing program.

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