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Greenscape Provides Update
Greenscape Provides Update
Published 07-21-10
Submitted by Greenscape Capital Group Inc.
(Marketwire) - Greenscape Capital Group Inc. ("Greenscape") (TSX VENTURE: GRN)
Announcement Highlights:
- Denver project ahead of schedule and on budget
- Greenscape to contribute $1,000,000 to project this week, increasing the total equity funded by Greenscape to date to approximately $5,000,000
- revised equity contribution schedule increases Greenscape flexibility
Greenscape Capital Group Inc. is pleased to provide the following update regarding the equity contribution schedule for the construction of the 4,200 stall Denver green parking facility. The revised schedule gives Greenscape increased flexibility to strategically fund the remainder of the equity portion of the development.
The construction of the facility has been underway since early May 2010 and is ahead of schedule and on budget. Greenscape is completely current and compliant with all material contracts and obligations related to the rapidly progressing development.
Under the terms of a revised schedule of payments, Greenscape will be contributing equity to the project by way $1,000,000 on July 22nd, 2010, $1,000,000 on July 29th, 2010, $3,168,151 on August 30th, 2010 and $1,080,016 after August 30th, 2010.
To facilitate the $1,000,000 contribution this week, Greenscape is arranging $1,000,000 in funding through various sources.
In addition to the equity contributions earmarked for the project, debt of US $8,500,000 has also been arranged for construction.
About Greenscape
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. 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. www.greenscapecapital.com
ON BEHALF OF THE BOARD
Bryan Slusarchuk, CEO and Director
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. Specifically, there can be no assurance that the energy savings or targeted profits from the transaction with Robbins Parking will occur.
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.
