GC-Global Capital Corp.
TSX VENTURE : GDE.A

GC-Global Capital Corp.

December 19, 2006 09:30 ET

GC-Global Capital Corp. Announces Extension of Loan Maturity Date and Shares for Debt Transaction with its Client Company, Queen Street Entertainment Capital Inc.

TORONTO, ONTARIO--(CCNMatthews - Dec. 19, 2006) - GC-Global Capital Corp. ("Global")(TSX VENTURE:GDE.A) is pleased to announce that it has reached an agreement with its client company, Queen Street Entertainment Capital Inc. ("Queen Street")(TSX VENTURE:QE) to amend the terms of its loan to Queen Street and extend the maturity date under its secured bridge financing from December 15, 2006 to March 15, 2007. Under the terms of the loan's extension, Queen Street is required to raise gross proceeds of no less than US$1,000,000 by January 31, 2007. Queen Street is continuing to work with its financial advisors, both in Canada and the US, in order to complete its financing and fund its library acquisition objectives. As consideration for Global's agreement to extend the loan's maturity date, Queen Street has agreed to pay Global a fee of $25,000 and the parties have agreed that such fee may be satisfied by the issuance to Global of 62,500 common shares of Queen Street, in a shares for debt transaction, at a deemed price of $0.40 per share, subject to acceptance of the TSX Venture Exchange and compliance with all applicable securities laws. The shares issued will be subject to a 4-month hold period from their date of issue.

In August 2006, Global provided a $250,000 secured bridge loan to Queen Street. The loan is secured by a first ranking security interest in favour of Global on Queen Street's assets including all rights to the recently acquired KEC library (including the feature films 'Virginia's Run', 'Kart Racer' and 'Blizzard'). Queen Street issued a bonus to Global in connection with the loan consisting of 50,000 common shares. Global was also paid a structuring fee of 2% at closing. The loan bears interest at 12% per annum and is payable monthly.

Furthermore, as a condition of a three month financial consulting agreement that Global entered into with Queen Street in August, 2006, Global is presently due 75,000 common shares as payment. The shares issued will be subject to a 4-month hold period from the date of issuance.

About Queen Street Entertainment Capital Inc.

Queen Street is a fully integrated Canadian entertainment company specializing in the distribution, creation and financing of high quality live action feature films and television productions for the whole family under its brand "Knightscove Family Films". Its goal is to serve as a fully-integrated entertainment company to distribute and finance third party and proprietary film and television product specifically for the family entertainment market. Queen Street trades on the TSX Venture Exchange under the ticker symbol "QE". There are currently 13,998,058 Queen Street common shares outstanding. Additional information regarding the business of Queen Street may be found filed on SEDAR at www.sedar.com. For further information please visit Queen Street's website at www.queenstreetentertainment.com.

About Global

Global is a merchant bank, which provides bridge loan services (asset back/collateralized financing), to companies across many industries such as oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology.

"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

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