Scorpio Capital Corp.

August 17, 2007 13:50 ET

Scorpio Announces New Officers, Operations Update, Director Resignation

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2007) - SCORPIO CAPITAL CORP. (TSX VENTURE:SCE) ("Scorpio" or the "Corporation") is pleased to announce the appointment of Mr. Anton Ayoub as Vice President, Real Estate of the Corporation and the appointment of Mr. David Carbonaro as Corporate Secretary of the Corporation. The Corporation also announces completion of the construction of a SPoT Coffee cafe at Concord City Place in downtown Toronto, Ontario and the resignation of Mr. Michael Newman as a director of the Corporation.

Anton Ayoub, P. Eng., is a professional engineer with extensive experience in project management and cost analysis. He has worked with several medium-sized corporations to implement their organizational strategies (in particular, cost-effective programs). Mr. Ayoub used flexible teams to implement changes in products, services and processes. Mr. Ayoub has been involved in real estate project development in several countries across the world and in Canada. In Ontario, he served as Senior Project Manager of a 224 acre project in Richmond Hill on Lake Wilcox, as the Senior Project Manager on residential building construction projects with an aggregate of more than 650 units in Cornwall, St. Catherines, Ottawa and Stoney Creek, Ontario and as the Senior Project Manager of a retirement home construction project in Niagra Falls, Ontario. Recently, Mr. Ayoub acted as Project Manager for the construction of 2 food manufacturing plants, both of which obtained HACCAP and ISO certification. Mr. Ayoub's principal responsibilities with Scorpio will be: (i) project management of all new SPoT Coffee locations, as well as renovation of all existing SPoT Coffee locations; (ii) the development and project management of the Corporation's Valentina Court project in Richmond Hill, Ontario; (iii) management of all new real estate acquisitions and all development and property management supervision activities; and (iv) project management of all leaseholds and leasehold improvements of the Corporation and all related companies, as required from time to time.

David Carbonaro is a senior partner in the Toronto securities group of the law firm of Heenan Blaikie LLP, where he has been a partner since 2004 after practicing securities and corporate law with Fasken Martineau for two years. Prior to that, he spent 10 years as a partner in Carbonaro Sugar, a Toronto boutique law firm. Mr. Carbonaro advises public companies, securities dealers and investment banks on finance matters.

The Corporation is pleased to announce the completion of a SPoT Coffee cafe at Concord City Place in downtown Toronto, Ontario. Through its wholly-owned subsidiary, BDE Equities Inc., the Corporation has been appointed as the exclusive construction manager in respect of all new SPoT Coffee locations in the Province of Ontario. The Concord City Place cafe is the first such project completed by the Corporation and it was completed on time and within budget. The Corporation has elected to participate in an equity financing of Hot Spot Hospitality Corp. ("Hot Spot") and has acquired 50,000 common shares in the capital of Hot Spot at a price of $1.00 per share. Hot Spot is the owner, operator of 3 SPoT Coffee cafes in northwestern New York. Hot Spot is a debt-free, profitable operation that is looking pursue an aggressive growth strategy both globally and within the Province of Ontario.

The Corporation further announces that it has accepted the resignation of Mr. Michael Newman as a director of the Corporation. Management of the Corporation wishes to express their sincere thanks to Mr. Newman for his service to the Corporation and wishes him continuing success in all future endeavours.

About Scorpio

Scorpio is the 100% parent of BDE Equities Inc. BDE is the owner of Kingside Mortgage Corporation, a mortgage brokerage business, Kingside Financial Services Inc., a subsidiary intent on establishing other financial services product lines for the Corporation, and Kingside Homes Corporation, a residential and multi-residential builder. BDE also holds substantial interest in one property in Richmond Hill upon which Kingside Homes is planning to build 140 condominium residential units.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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

Contact Information

  • Scorpio Capital Corp.
    John Lorenzo
    President and Chief Executive Officer
    (416) 309-2521
    (416) 368-5506 (FAX)
    Scorpio Capital Corp.
    Randy Koroll
    Chief Financial Officer
    (416) 867-8275
    (416) 867-8081 (FAX)