Greenwich Global Capital Inc.

March 05, 2008 15:12 ET

Greenwich Global Capital Inc.: Updates QT Status and Transfers to the NEX Board

TORONTO, ONTARIO--(Marketwire - March 5, 2008) - Greenwich Global Capital Inc. (TSX VENTURE:GGB.P) (the "Corporation") announced on January 15, 2008, shareholder approval was received at a special meeting of shareholders held on January 15, 2008 to complete the Corporation's previously announced qualifying transaction with Stans Energy Corp., a mining exploration company. However, due to unforeseen difficulties in completing the concurrent private placement for the proposed qualifying transaction in the amount originally contemplated, the Corporation has been unable to complete the transaction under the terms approved by its shareholders and the Exchange.

The Corporation is still in discussion with Stans Energy Corp. to amend the terms of the proposed qualifying transaction and will work diligently towards completing a qualifying transaction to the best interest of its shareholders.

Due to the Corporation's inability to complete its qualifying transaction in the prescribed time frame in accordance with TSX Venture Exchange (the "Exchange") Policy 2.4, the shares of the Corporation will be transferred to the NEX board effective at the market opening on Thursday, March 6, 2008 under the symbol GGB.H. At this time, trading on the Corporation's common shares will remain suspended until further notice.

NEX is a separate board of the Exchange for companies previously listed on the Exchange or the TSX which do not meet, among others, the ongoing financial listing standards of those markets or other requirements such as the completion of a qualifying transaction within a certain period for a capital company. NEX has been designed to provide a forum for the trading of companies which are undertaking transactions in furtherance of a reactivation to carry on an active business.

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