Scorpio Capital Corp.

April 02, 2007 17:53 ET

Scorpio Capital Corp. Announces Significant Addition to Its Board of Directors


Scorpio Capital Corp. ("Scorpio" or the "Company") is pleased to announce the appointment of John Lorenzo to its Board of Directors. Mr. Lorenzo has a post-graduate degree (MA) in Political Science and Economics (l968) from the American University of Beirut. In 1969, Mr. Lorenzo moved from Lebanon to Kuwait where he established and managed a company that has become one of the leading oil service companies in the Gulf States today. The company now employs more than 1,200 people including 400 engineers.

In 1971, Mr. Lorenzo came to Canada where he has been residing since. He has always been self-employed and continues to add to his 35 years of international business and senior management experience that includes:

- Financial services;

- Development and construction of real estate residential and commercial projects in Canada, the United States and Europe;

- Sale and distribution of many specialty products throughout the Middle East countries;

- Assistance in the commercialization of an all-metal valve with multi-valve functions for crude oil flow control;

- Transfer of technology of a third generation global jet trainer aircraft from General Avia of Italy to Promovia of Belgium;

- Building three facilities for oil service companies in Kuwait, the United Arab Emirates and Saudi Arabia that were specifically designed and equipped for the rewinding, mechanical repair, rotary balancing, testing and preventive maintenance of electric motors of all sizes and power;

- Establishing, operating and managing two large commercial bakeries in Richmond Hill, Ontario, that were eventually sold to a Canadian national bread company; and

- Designing, building and operating profitable cafes and restaurants in New York and Toronto, Canada, known as "SPoT Coffee"

Mr. Lorenzo is now the President of Innomarque (Canada) Inc. ("Innomarque"), a private equity investment and management company. Shareholders of Innomarque include Saudi Arabian and Kuwaiti families that have been closely associated with Mr. Lorenzo for the last 30 years.

Innomarque has investments in bio-extraction technologies, site-specific equipment and processes for oil recovery and remediation of oil-contaminated sites and solids, oil drilling equipment and control systems, real estate and cafes and restaurants.

In what has become an increasingly competitive and demanding market for mortgage brokerage services, the Company expects that Mr. Lorenzo will bring his significant international financial and business expertise to assist the Company in broadening its range of financial products and financial services. In his most recent meeting with management of the Company, Mr. Lorenzo said that he has been quite excited about the opportunity to utilize his expertise and contacts in the financial services realm, in Canada and the Middle East, to expand the opportunities for Scorpio and to lessen its dependence on its mortgage brokerage operations.

Mr. Lorenzo was instrumental in securing a construction management agreement for Scorpio to build and equip the SPoT cafes in Toronto. In early February of this year, Scorpio completed the construction and fully equipped the first SPoT cafe in Toronto at 333 Bremner Blvd in the heart of the new Concord CityPlace residential community next to Rogers Centre, formerly known as the "Skydome". SPoT Coffee at Concord CityPlace opened its doors for business in the first week of last February.

Scorpio is a shareholder of Hot Spot Hospitality Corp ("Hot SPoT"), the company that owns and controls the SPoT Coffee brand and cafes. The business plan of Hot SPoT calls for the development of 37 new cafes in Canada and the USA by 2012. Hot SPoT's business plan also calls for the licensing of 16 new cafes overseas in the same period.

Scorpio also wishes to announce the resignation of Lou Grossi from the board of directors. The Board has expressed its tremendous appreciation to Mr. Grossi for assisting the Company through its "going public" process.

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 company, 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.

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

Contact Information

  • Scorpio Capital Corp.
    Frank Bellotti
    President and Chief Executive Officer
    (416) 867-4556
    (905) 780-2316 (FAX)