Greenwich Global Capital Inc.

December 18, 2006 14:26 ET

Greenwich Global Capital Inc. Reports on the Status of its Proposed Qualifying Transaction with Ecom Financial Corporation

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - Greenwich Global Capital Inc. ("GGB.P") (TSX VENTURE:GGB.P) has been informed of the decision taken by Ecom Financial Corporation to cease its negotiations with Greenwich in relation to the proposed qualifying transaction as said proposed qualifying transaction was more fully described in Greenwich filing statement of November 29, 2006.

Given that three ancillary matters to this proposed qualifying transaction, namely the appointment of directors and auditors and the change of the name of the corporation that would have become effective concurrent with the closing of Greenwich qualifying transaction, were to be submitted to the shareholders of Greenwich at a special meeting to be held today December 18, 2006 and in the light of Ecom Financial Corporation decision, it has been decided by the Board of directors to withdraw from consideration by the shareholders at the meeting these three items, leaving only to be submitted to shareholders' vote a proposed amendment to the by-laws of the corporation in respect of shareholders' meeting quorum requirements.

Given Ecom Financial Corporation decision not to move forward with the proposed qualifying transaction, the board of directors of Greenwich is currently reviewing its alternatives.

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.

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

Contact Information

  • Source: Greenwich Global Capital Inc.
    Daniel F. Hachey
    President & Chief Executive Officer