Greenscape Capital Group Inc.
TSX VENTURE : GRN

Greenscape Capital Group Inc.

October 13, 2010 12:52 ET

Greenscape's Denver Green Parking Project Fully Funded

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2010) - Greenscape Capital Group Inc. (TSX VENTURE:GRN) -

Announcement Highlights:

  • Greenscape makes final equity contribution to project
  • construction on budget and substantially ahead of schedule
  • facility to open and cash flow November 2010

Greenscape Capital Group Inc. ("Greenscape") is pleased to report that it has made the final equity contribution for the construction of the Denver green parking project. As of October 8, 2010, the project is fully funded.

The 4,200 stall facility will be open and immediately begin generating cash flow in November 2010 which is substantially ahead of schedule. The LEED Gold development, which incorporates leading edge wind, solar, and geothermal solutions, as well as electric vehicle plug in stations, and LED lighting into operations, will serve as a model for future green parking projects across North America. Recently, Green Park Denver LLC has chosen the brand name "Canopy Airport Parking" to market the Denver facility.

Greenscape has now contributed approximately US $9,000,000 in equity to the construction project completing its obligations. Additional to the Greenscape equity contribution, approximately US $1,100,000 was invested directly into the project by the minority interest partners and a US $8,500,000 three-year construction loan bearing all-in, fixed interest of 5.45% is in place with Wells Fargo Bank.

The project has a pre-cash flow, post-construction appraised value of US $30,900,000 and US $41,600,000 upon market stabilization.

Greenscape is also pleased to announce it has extended the terms of the US $2,000,000 loan announced in the May 6, 2010 news release on the following additional terms: (i) the maturity date has been extended to December 15, 2010; (ii) a fee of US$500,000 is payable on maturity; (iii) in the event of a default, the notes are convertible to common shares of Greenscape at $0.35 per share (subject to adjustment in the event of a default); (iv) 2 million warrants have been issued, exercisable at $0.35 per share for a period of 24 months; (v) addition security has been granted by Greenscape; and (vi) the loan has also been secured by the personal guarantees of a third principal of Greenscape.

About Greenscape

Greenscape Capital Group increases environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital is 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. www.greenscapecapital.com

ON BEHALF OF THE BOARD

Bryan Slusarchuk, CEO and Director

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding certain future events. 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. In particular, there are several risks which may delay the opening of the Green Park facility to later than expected. There is no assurance the appraised valuations of the Green Park facility will prove to be accurate; or that expected future cash flow from operations will be as expected.

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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