Grasslands Entertainment Inc.
TSX VENTURE : GEE

Grasslands Entertainment Inc.

April 15, 2009 12:56 ET

Grasslands Entertainment Inc. Corporate Update

CALGARY, ALBERTA--(Marketwire - April 15, 2009) - Grasslands Entertainment Inc. (the "Company") (TSX VENTURE:GEE) is pleased to provide an update to its press release of March 31, 2009 in which it was announced that the Company had entered into subscription agreements with Caldera Geothermal Inc. ("Caldera") and Enerasia Renewable Corp. ("Enerasia") providing for the acquisition by the Company of securities of Caldera and Enerasia. The Company has agreed to subscribe for the following securities:

- 300,000 units of Caldera at a subscription price of $0.25 per unit for an aggregate subscription price of $75,000, each unit comprised of one common share of Caldera and one-half of one common share purchase warrant. Each whole warrant exercisable into one common share of Caldera at an exercise price of $0.50 for a period that is the earlier of (a) 36 months from the closing date, and (b) 24 months from the completion of a going public transaction of Caldera. Upon completion of the investment, the Company will hold approximately 3% of the issued and outstanding shares of Caldera on a non-diluted basis (Caldera currently has 11,668,650 common shares issued and outstanding).

- 75 units of Enerasia at a subscription price of $1,000 per unit for an aggregate subscription price of $75,000, each unit comprised of one (1) $1,000 principal amount convertible debenture (a "Debenture") and 2,500 common share purchase warrants (each a "Warrant"). The Debentures will have a term of 24 months and will bear interest at the rate of 15% per annum calculated annually and payable in equity securities of Enerasia. The principal amount of the Debentures and all accrued interest shall be automatically converted into equity securities of Enerasia upon completion by Enerasia of an equity offering of at least $500,000 (the "Equity Offering") at a conversion price (the "Conversion Price") equal to the offering price under the Equity Offering. Each Warrant is exercisable into one common share of Enerasia at an exercise price of $0.20 (the "Warrant Exercise Price") for a period that is the earlier of (a) 60 months from the closing date, and (b) 24 months from the completion of a going public transaction of Enerasia. Assuming that the Conversion Price is equal to the Warrant Exercise Price, upon completion of the Equity Offering, the Company will hold approximately 3% of the issued and outstanding shares of Enerasia on a non-diluted basis (Enerasia currently has 14,885,000 common shares issued and outstanding).

The Company will not have any management involvement in either Caldera or Enerasia. These subscriptions have been made solely for investment purposes. The Company continues to operate its entertainment business, however, the board of directors have engaged in a process of investigating other business opportunities which may result in a change of business and/or reverse take-over. There can be no assurances that any such transaction will be completed.

The TSX Venture Exchange has conditionally approved the investments in Caldera and Enerasia, and it is expected that the investments will close in the next few days.

About Grasslands Entertainment Inc.

Grasslands Entertainment Inc. creates, develops, finances, produces and distributes proprietary television programming for worldwide markets. Grasslands have a proven track record of producing quality, cost-effective programming with worldwide audience appeal.

This, combined with the Company's focus on genres that are currently saleable in all major markets, ensures the Company's future success. Grasslands Entertainment Inc. is headquartered in Calgary Alberta Canada. To find out more, visit www. grasslandsentertainment.com.

Caldera Geothermal Inc.:

Caldera Geothermal Inc. is a renewable energy company focused on geothermal exploration and development in the Western United States. Caldera's pioneering management team has developed new exploration methodologies and tools reducing the time, cost, and risk of identifying new geothermal systems. An opportunity exists for Caldera to find and develop new geothermal properties since little exploration and development has taken place beyond properties drilled in the 1970s and 1980s.

Caldera's flagship asset is the Goodwin Mountain property in Nevada, which is estimated to have a geothermal resource with 37 MW potential (mean estimate, GeothermEx Inc.). Exploration by Caldera suggests the resource could be significantly larger. Caldera's near-term objective is to capture a dominant share of the Great Basin's untapped geothermal potential through exploration, development and acquisitions. In the medium-term, Caldera's objective is to develop multiple geothermal resources into producing power plants with joint venture partners.

EnerAsia Renewable Corp:

EnerAsia Renewable Corp. is a Canadian based renewable energy company focused on hydro, wind and geothermal opportunities in the Philippines. EnerAsia's strategy is to utilize its experienced management team, technical expertise and established high level government and energy industry relationships to aggressively pursue acquisition opportunities, and move development projects forward through feasibility, construction, commissioning and revenue generation. Enerasia has acquired the rights to and is developing a portfolio of 7 hydro projects totalling 155 MW and has options to acquire an additional 45 MW. In addition, Enerasia is reviewing over 80,000 hectares of land targeted for wind farm development and plans to prioritize the best sites. To date, Enerasia has submitted one application for a Pre-Commercial Contract (PCC) for 8,000 hectares. Three more Pre-Commercial Contract applications are planned for submission in early Q2 2009 and will total approximately 24,000 hectares. The total number of wind site projects is estimated to be 12. EnerAsia plans to have 100 MW of advanced-staged developments projects with power agreements ready for construction by the latter half of 2010 and a 400 to 600 MW pipeline of early stage renewable energy projects. As a priority, Enerasia will focus on acquisitions and the development of one 3 to 5 MW hydro project, with the aim of being ready for construction in early 2011.

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may," "will," "expect," "anticipate," "project," "believe," "plan" and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Company with securities regulatory authorities to which recipients of this press release are referred for additional information concerning the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information contained in this press release is current only as of the date of this press release. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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