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


Gulf & Pacific Equities Corp. (TSX VENTURE:GUF) an established company focused
on the acquisition, management and development of grocery store anchored
shopping centres in Western Canada, reports a 2.7% decrease in revenues to
$3,829,121 in 2010 from $3,933,594 in 2009. In addition, Funds From Operations
("FFO") of $83,598 or $0.01 per share for the year ended December 31st, 2010
compared to $229,034 or $0.03 per share in 2009. Details of the three and twelve
months financial results for fiscal 2010 and 2009 are summarized below and are
also available at www.sedar.com or at the company's website www.gpequities.com.




                                        Year Ended      Three Months Ended
                                          (Audited)             (Unaudited)
                                       December 31,            December 31,
                                  2010        2009        2010        2009 
                            -----------------------------------------------
                                                                           
Revenue                     $3,829,121  $3,933,594  $  947,499  $  960,337 
Income (Loss) for the                                                      
 period                       (778,183)   (965,187)   (181,929)   (426,709)
Earnings (Loss) per common                                                 
 share                                                                     
 - basic and diluted             (0.09)      (0.11)      (0.02)      (0.04)
Weighted average number of                                                 
 common shares outstanding
 during the period                                                      
 - basic and diluted         8,861,678   8,861,678   8,861,678   8,861,678 



In addition, at the meeting of the board of directors on April 20, 2011, the
board in accordance with the Corporation's stock option plan, approved the
annual grant of options to acquire a total of 96,000 common shares of the
Corporation at an exercise price of $0.215 per share to the Corporation's
directors, officers and employees. The stock options are vested on date of the
grant and expiring ten years from date of the grant. Prior to the grant of
options, the Corporation has 8,861,678 shares outstanding.


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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