Green Swan Capital Corp.

October 16, 2009 13:19 ET

Green Swan Capital Corp.'s Loan to SportsClick Inc.

OTTAWA, ONTARIO--(Marketwire – Oct. 16, 2009) - GREEN SWAN CAPITAL CORP. (TSX VENTURE:GSW.P) ("Green Swan" or the "Company"), listed on the TSX Venture Exchange Inc. (the "TSXV") under the trading symbol "GSW.P", further to its news release dated September 14, 2009, announcing the termination of the proposed transaction with SportsClick Inc. ("SportsClick"), Green Swan would like to confirm and otherwise reiterate information previously disclosed concerning its loan to SportsClick. Green Swan advanced a refundable deposit in the principal amount of $25,000, and a loan in the principal amount of $225,000 (collectively, the "Loan") to SportsClick pursuant to an agreement in principle by which SportsClick would purchase all of the issued and outstanding shares of Green Swan (the "Proposed Transaction"). Green Swan subsequently registered a General Security Agreement in the Provinces of Alberta and Nova Scotia. The entire Loan amount is secured under the respective security agreements.

On June 26, 2009, the Bank of Montreal, a secured creditor of SportsClick, issued a Notice of Intent under the Bankruptcy Insolvency Act to reclaim its loan from SportsClick. On July 17, 2009, Ernst & Young Inc. became the receiver in respect of the property of SportsClick.

Green Swan's interests, as a secured party, are inferior to those of the Bank of Montreal.

Green Swan confirms it continues to investigate its options for obtaining the return of the loan to SportsClick, however, the receivership process introduces a significant operating risk and management continues to believe the return of the loan is unlikely.

Green Swan is a capital pool company which was listed on the TSXV on October 7, 2008, following the completion of its initial public offering of $400,000, including $104,000 raised from founders, Benoit Robitaille (Chief Executive Officer and Director), Chris Skaarup (Director), Morgan Cowl (Director), Dan Hilton (Chief Financial Officer and Director), Sean Caulfeild (Corporate Secretary and Director) and Stephan May (Director). Copies of Green Swan's documents may be obtained electronically from the SEDAR system at

Green Swan is listed on the TSX Venture Exchange under the symbol "GSW.P".

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Green Swan's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Green Swan. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Green Swan's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Green Swan's filings with the Canadian securities authorities. Accordingly, holders of Green Swan shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Green Swan disclaims any responsibility to update these forward-looking statements.

Neither 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 release.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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