VANCOUVER, BRITISH COLUMBIA -- Greenscape Capital Group Inc. ("Greenscape") (TSX VENTURE:GRN) is pleased to announce that the loan arranged by Green Park Denver LLC (described in Greenscape's News Release dated July 28th, 2010) has closed.
This US $8.5 million in construction debt financing converts to a term loan that matures October 1, 2013. The loan initially bears interest from the date of drawing at a rate of 4.00% above the variable 30-day LIBOR market index rate.
On August 6th, 2010 Green Park Denver LLC executed an interest rate swap for the loan's floating interest expense. This swap, for the full amount of the loan, is effective March 1, 2011, and provides the company with an all-in fixed interest rate for the full amount of this loan of 5.45% until maturity.
This loan will be used to fund construction of Green Park's 4,200 stall green parking facility servicing the Denver International Airport. The facility will be the world's greenest parking facility incorporating geothermal heating and cooling, wind and solar energy sources, LED lighting, LEED building principals and EV (electric vehicle) charging stations into the design and operations.
About Wells Fargo & Company
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets (as of March 31, 2010), providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores, 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.
About Propark
Propark America is one of the nation's leading parking companies, providing sustainable parking management and parking-related real estate services across the country. Founded in 1984, Propark has successfully merged green, environmental ideals into daily operations, while preserving the company's entrepreneurial spirit and unique culture of creative innovation. Propark's corporate ethos and growing portfolio of diverse properties are transforming the parking industry's approach to sustainable design, development and operations.
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.
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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