VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 16, 2014) - GreenAngel Energy Corp ("GreenAngel") (TSX VENTURE:GAE) is pleased to announce that it has entered into an agreement with Espresso Capital Partners ("ECP") whereby GreenAngel will issue interest-bearing notes (the "Notes") to accredited investors for purposes of participating in ECP's limited partnership funds. The Notes will provide investors with up to 2.2% in quarterly interest payments. The Notes are RRSP and TFSA eligible.
GreenAngel has been an investor in ECP for several years over which time Espresso successfully completed more than 190 transactions representing $64,000,000 in value to Canadian technology companies. Gary Yurkovich of ECP comments, "We have a five year track record of delivering more than 14% consistently on an annual basis for the funds that we managed. Our agreement with GreenAngel will make it possible for investors to use their RRSP accounts with a smaller commitment level."
ECP is in the business of making secured short term loans to technology ventures to assist them with early stage development. Many of the loans are secured by government account receivables such as refundable tax credits.
As a public company, GreenAngel has the advantage of being able to issue debt instruments to RRSP and TFSA account holders. The Notes are denominated in $1,000 increments with a $25,000 minimum subscription amount. GreenAngel will remit all gross proceeds that it receives from ECP funds first to the noteholders, up to an IRR of 9%, before charging any fees or participating in any surplus.
Mike Volker, Chairman of GreenAngel, notes, "We are excited to partner with ECP on this initiative. It provides GreenAngel with a revenue stream as we partner with ECP in providing capital to the technology sector".
ON BEHALF OF THE BOARD
Michael Volker, Chairman
About GreenAngel Energy
GreenAngel Energy Corp. is the first publicly traded company that invests solely in emerging private green technology companies. We provide an avenue for public investors to gain access to a portfolio of the most promising angel-stage investments across a spectrum of green technology sectors. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investor companies, GreenAngel also provides mentorship and advice to help these companies achieve commercial success. For more information, please visit www.greenangelenergy.ca.
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.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements that reflect the expectations of management regarding the Company's listing of its common shares on the TSX Venture Exchange. 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 or, if they do occur, what benefits the Company will obtain from them.