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by Stockwatch Business Reporter

The TSX Venture Exchange closed down 9.30 points to 714.45 Wednesday. Fahim Gadallah has filed a preliminary prospectus to list his first capital pool shell, Timeless Capital Corp. It plans to sell a $300,000 initial public offering at 10 cents through Industrial Alliance Securities Inc.

Mr. Gadallah worked in commercial real estate development in Edmonton in the early 1980s. He later moved to Vancouver, where he became a manager and owner of car dealerships including Dennison Chevrolet in Richmond and Happy Honda in Burnaby. Mr. Gadallah sold his last dealership, North Shore Acura, in 2016. He still lives in Vancouver but is now the managing director of Procura Real Estate Services Ltd., an Edmonton real estate developer and manager. Procura's portfolio comprises three residential complexes and four commercial buildings, all in Edmonton.

At Timeless Capital, Mr. Gadallah holds 300,000 of the shell's four million escrow shares. Timeless sold its escrow shares at five cents last month. Mr. Gadallah has five fellow shell directors: Danish Wasim, Colin Gayford, Shane Shircliff, Blair Jordan and Dan Lanskey. Mr. Wasim is the vice-president of finance at Procura Real Estate. Previously, from 2009 to 2011, he was an analyst with the Macquarie Group. He holds 800,000 escrow shares of Timeless Capital.

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