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Announcement Highlights:
- Loan financing closed and US $2,504,849 advanced by Greenscape towards development of project
- All material contracts executed and all material obligations met to enable the start of constructions
Vancouver, B.C., May 6, 2010 – Greenscape Capital Group Inc. (“Greenscape”) TSX‐V: ‐ GRN is pleased to announce the completion of all material contracts and the meeting of all material obligations necessary to enable the start of construction of its Denver green parking project. Based on this, the land lease for the ground upon which the facility will be constructed has now transferred to Green Park Denver LLC, an entity that is 90% owned by Greenscape through its wholly owned subsidiary Green.Switch Capital Ltd.
The Denver project will be a 4,200 stall lot, servicing the Denver International Airport. The facility will be the world’s greenest parking lot with a wide variety of environmentally sensitive operating methods in place (for more project details, refer to Greenscape’s News Release date April 7th, 2010).
Greenscape has advanced funding of US$2,504,849 as its initial contribution toward the development of the project. These funds were borrowed by Greenscape from three arm’s length lenders, pursuant to convertible promissory notes, having the following terms: (i) no interest will be charged provided no default occurs (ii) an aggregate fee of up to $325,000 is payable on maturity; (iii) the notes are repayable on the earlier of 90 days or upon Greenscape completing an equity financing; (iv) a total of 702,624 bonus shares were issued to the lenders; (v) in the event of a default, the notes are convertible to common shares of Greenscape based on a price of $0.395 (subject to adjustment in the event of a default). In addition to the security granted by Greenscape and Green.Switch, the loans are secured by personal guarantees of two principals of Greenscape; and as consideration therefore, Greenscape issued a total of 702,624 bonus shares. No finder’s fees were paid in conjunction with this transaction.
About Greenscape Capital Group
Greenscape Capital Group increases environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital owns 100% of Green.Switch Capital, a Canadian based company focused on dramatically increasing the profitability of commercial facilities through enhanced energy efficiency and environmental best practices. Green.Switch provides full‐service energy retrofitting for commercial clients. The Green.Switch energy retrofit process begins with the assessment of client issues and infrastructure, through to project design, capitalizing improvements, attaining government incentive grants when applicable, contracting, installation and monitoring. When marked opportunities arise, Greenscape also invests in other companies that operate in the environmental space, providing strategic capital and business advisory services to assist companies in achieving their environmental and corporate goals.
Please visit our websites at:
www.greenscapecapital.com
www.greenswitchcapital.com
ON BEHALF OF THE BOARD
"Bryan Slusarchuk"
CEO and Director
Contact Information:
Greenscape Capital Group Inc.
Suite 700 – 510 West Hastings Street
Vancouver, British Columbia
Canada V6B 1L8
info@greenscapecapital.com
Tel. 1‐604‐687‐7130
Investor Relations Contact
KIN communications
ir@kincommunications.com
Toll Free: 1‐866‐684‐6730
Disclaimer for Forward‐Looking Information
Certain statements in this release are forward‐looking statements, which reflect the expectations of management regarding future revenues and contracts. Forward‐looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward‐looking statements will occur, when they will occur, or if they do occur, what benefits the company will obtain from them.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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