Greenwich Global Capital Inc.

May 07, 2007 18:11 ET

Greenwich Global Capital Updates on the Status of its Claim Against Ecom Financial Corporation

TORONTO, ONTARIO--(CCNMatthews - May 7, 2007) - As mentioned in its management discussion and analysis for the year ended December 31, 2006, Greenwich Global Capital (TSX VENTURE:GGB.P) ("Greenwich") filed a notice of claim, for an amount of $15 million against Ecom Financial Corporation ("Ecom") and certain of its shareholders for damages for breach of contract and breach of duty to act in good faith. This claim was filed as a result of the unilateral termination by Ecom, in December 2006, of the negotiations with respect to the proposed qualifying transaction announced earlier. Greenwich recently received the defense of Ecom and a counterclaim, in an amount of $3 million against itself and its directors. Greenwich is currently assessing the content of such and will review its alternatives in that respect.

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