Prospect Park Capital Corp.

December 17, 2013 18:52 ET

Prospect Park Capital Corp. Announces New Director and Engagement of Sponsor

TORONTO, ONTARIO--(Marketwired - Dec. 17, 2013) - Prospect Park Capital Corp. ("Prospect Park") (TSX VENTURE:PPK.P), a capital pool company as defined under Policy 2.4 ("Policy 2.4") of the TSX Venture Exchange (the "Exchange"), is pleased to announce that its board of directors has appointed Joshua Kornberg as an additional director.

Mr. Kornberg has been the President and Chief Executive Officer of Skyline Medical Inc. (OTCBB:SKLN) since July 1, 2012 and the Chairman of the Board of Directors since August 19, 2013. He also serves as Managing Partner of Atlantic Partners Alliance, LLC (APA), a private equity fund based in New York. Prior to co-founding APA, Mr. Kornberg served as Chief Investment Officer of The Lightstone Group, a national private equity firm and Director of the Lightstone Value Plus REIT. He also previously worked in the capital markets group at Morgan Stanley and served as Vice President at The RREEF Funds, a global pension fund advisor.

On October 7, 2013, Prospect Park announced that it had entered into three agreements (including an agreement to acquire common stock of Skyline Medical Inc. in the secondary market) in connection with its proposed Qualifying Transaction.

Canaccord Genuity Corp., subject to completion of satisfactory due diligence, has agreed to act as sponsor in connection with the proposed Qualifying Transaction. An agreement to sponsor should not be construed as any assurance with respect to the merits of the proposed Qualifying Transaction or the likelihood of completion.

About Prospect Park

Prospect Park, a capital pool company within the meaning of the policies of the Exchange, was incorporated in 2012 and was listed on the Exchange on March 27, 2013. Prospect Park does not have any operations and has no assets other than cash. Prospect Park's business is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction under the policies of the Exchange.

Trading of the common shares of Prospect Park remains halted in connection with the dissemination of this press release, and will recommence at such time as the Exchange may determine, having regard to the completion of certain requirements pursuant to Policy 2.4. Further details of the proposed Qualifying Transaction will follow in future press releases.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Prospect Park believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Prospect Park disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, shareholder approval (if necessary). There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Neither 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 release.

Contact Information

  • Prospect Park Capital Corp.
    Dr. Samuel Herschkowitz
    Chief Executive Officer
    (416) 865-7209