Scorpio Capital Corp.

August 14, 2007 15:46 ET

Scorpio Announces Partial Conversion of Debenture and Update Regarding Pending Name Change

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2007) - SCORPIO CAPITAL CORP. (TSX VENTURE:SCE) ("Scorpio" or the "Corporation") is pleased to announce that the holder of its outstanding 4.5% Convertible Redeemable Secured Debenture (the "Debenture") has elected to convert an aggregate of $388,903 of the principal amount owing under the Debenture into an aggregate of 1,944,515 common shares in the capital of the Corporation. The Corporation has issued a replacement debenture to the holder in the aggregate amount of $736,097, representing the balance of the indebtedness owing under the Debenture after giving effect to this conversion.

As noted in the Corporation's press release dated June 28, 2007, the Corporation's shareholders have approved the change of the Corporation's name to "Prime City One Capital Corp." The Corporation is now in a position to make its final submission to the Exchange to give effect to that name change. The Corporation intends to issue a further news release advising shareholders of the effective date of the proposed change once the Exchange has confirmed that it is prepared to issue a Final Bulletin giving effect to that change. The Corporation's new trading symbol will also be announced at that time.

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) 309-2520
    (416) 368-5506 (FAX)
    Scorpio Capital Corp.
    Randy Koroll
    Chief Financial Officer
    (416) 867-8275
    (416) 867-8081 (FAX)