Greenwich Global Capital Inc.

August 22, 2007 08:54 ET

Greenwich Global Capital Inc. Settles Claim Against Ecom Financial Corporation

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2007) - Greenwich Global Capital Inc. (TSX VENTURE:GGB.P) (the "Corporation") is pleased to announce that the Corporation and Ecom Financial Corporation ("Ecom") have reached an agreement that ends the litigation between these two companies related to the termination of the Corporation's initial proposed qualifying transaction. The claim filed by the Corporation is disclosed in more details in the Corporation's press release dated May 4, 2007.

Under the terms and conditions of this agreement, the Corporation will receive a total cash consideration of $125,000 on or before October 16, 2007 and a monthly royalty of 4% of all revenues realized by Ecom up to a maximum of $200,000.

The management of the Corporation believes that this settlement will allow the Corporation to focus on finding and analyzing other opportunities for the completion of its qualifying transaction.

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

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