GUF Gulf and Pacific Equities Corp

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED
STATES


Gulf & Pacific Equities Corp. (TSX VENTURE:GUF), (the "Company") an established
company focused on the acquisition, management and development of anchored
shopping centres in Western Canada, is pleased to announce today that effective
October 31, 2010, it has completed a shares for debt transaction whereby the
Company issued $1,115,000 in 8% unsecured convertible debentures (the
"Debentures") of the Company to CEYX Properties Ltd. ("CEYX") to settle
outstanding debt in the amount of $1,115,000. Subject to the detailed terms and
conditions of a Trust Indenture to be entered into between CEYX and the Company,
the Debentures shall have a 5 year term, maturing October 31, 2015 and bear
interest from the date of issue at 8% percent per annum which, unless the
Debentures are earlier converted or redeemed in accordance with their terms,
will be paid subsequently in semi-annual payments occurring on May 1 and
November 1 of each year until maturity. 


With issuance of the Debentures, Mr. Anthony Cohenwould own, directly or
indirectly, in excess of fifty percent of the Company's outstanding common
shares on a fully diluted basis. CEYX and the Company have undertaken not to
convert the Debentures, until the conversion feature is approved by
disinterested shareholders at the Company's next annual and general shareholder
meeting. Should disinterested shareholder approval not be obtained, the
conversion feature will be removed from the Debentures. 


Subject to the foregoing, the Debentures are convertible, at the option CEYX at
any time or from time to time, prior to 5 pm (Torontotime) on October 31, 2015,
into fully paid, non-assessable common shares of the Company at a conversion
price of $0.30 per share.


Where Debentures are converted, interest accruing due, but otherwise unpaid to
the date preceding the date of conversion will be paid promptly following such
date. The issuance of the Debentures will not result in a new control person of
the Company.


Mr. Anthony Cohen is the President and Chief Executive Officer of both CEYX and
the Company.


About Gulf & Pacific Equities Corp.

Gulf & Pacific Equities Corp. was incorporated under the laws of the Province of
Alberta on April 8, 1998 and thereafter completed a public offering of common
shares by prospectus dated June 26, 1998 (TSX VENTURE:GUF).


The Company acquires, manages and develops anchored shopping malls in rural
centres in Western Canada, in particular Alberta. Gulf & Pacific targets
smaller, but rapidly growing hub communities that have hospital, high school,
police station and retail/service infrastructure. Management has consistently
reinvested cash flow to improve and grow its portfolio of income properties. 


Gulf & Pacific Equities Corp. currently owns five, well-located retail assets
located in Three Hills, Whitecourt, St. Paul and Cold Lake Alberta, as well as
in Merritt B.C.. 


Cautionary Statements

This news release contains "forward-looking statements", within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and similar
Canadian legislation, concerning the business, operations and financial
performance and condition of Gulf & Pacific Equities. Forward-looking statements
include, but are not limited to, statements with respect to the benefits of the
offering and option transaction. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are based on the opinions
and estimates of management as of the date such statements are made, and they
are subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of Gulf
& Pacific Equities to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to risks related to:
economic conditions in Western Canada, interest rates, raising less than the
required capital; not realizing on the anticipated benefits from the transaction
or not realizing on such anticipated benefits within the expected time frame;
and other risks of the real estate industry. Although management of Gulf &
Pacific Equities has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Gulf &
Pacific Equities does not undertake to update any forward-looking statements
that are incorporated by reference herein, except in accordance with applicable
securities laws.

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