October 07, 2009 13:19 ET

Spring Creek Capital Agrees to Equity Position in Eco-Blends, Inc.

Eco-Blends Acquires Homeopathic Product Line

NEW YORK, NY--(Marketwire - October 7, 2009) - Spring Creek Capital Corporation (OTCBB: SCRK) announced today that it has entered into an agreement with Eco-Blends, Inc., as a result of which Spring Creek acquired a 30 percent equity position. It also agreed to provide debt capital for the growth of Eco-Blend's products. Eco-Blends has entered into an agreement to acquire the assets and intellectual property from the founders of Lewey's EcoBlends, Inc. in order to manufacture its DEET-free products.

Eco-Blends will be led by Alison Lewey, a Native American, who has utilized her grandfather's herbalist training to develop a line of DEET-free insecticide and insect repellant products. Eco-Blends will manufacture and distribute DEET-free insecticide and insect repellant products under its trade name. The products have been designed to meet the ever increasing environmental concerns of consumers who are turning to homeopathic alternatives as well as stricter environmental guidelines which narrow the range of solutions to control pests and pathogens for agricultural needs. The Eco-Blend products have been demonstrated to ward off mosquitoes, including carriers of West Nile virus, as well as flies, gnats, nits, and other insects. Other applications for the family of products deter the formation of larva in lakes and ponds, regenerate depleted soil and may provide therapeutic relief for skin irritation. The products are all natural.

Glenn T. Hall, a Director of Spring Creek, will spearhead the investment in Eco-Blends and the expansion of the business of Eco-Blends. Eco-Blends will have a management consulting agreement with Spring Creek. He notes, "Adding Eco-Blends demonstrates the commitment of Spring Creek to discover and incubate small emerging companies." Kelly T. Hickel, CEO of Spring Creek added, "We are excited to add the products to our growing family of investments in companies with similar healthcare distribution networks."

About Eco Blends, Inc.

Eco Blends is a Nevada Corporation with offices in Georgia where its manufacturing is based. The company is committed to offering consumer products which are not only all natural but environmentally friendly. Eco Blends will manufacture and distribute its DEET FREE products under its trade name.

About Spring Creek Capital Corp.

Spring Creek Capital Corp has elected to be treated as a business development company under the Investment Company Act of 1940. The Company focuses on portfolio investments in privately-held and qualified small-cap public companies developing cutting edge solutions for the healthcare market. The Company invests primarily in senior secured loans, mezzanine loans and equity in furtherance of its business plan.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21 E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risk that cold cause actual performance and results of operations to differ materially from those anticipated. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new ventures, as well as other factors set forth in Spring Creek Capital's most recently filed Form 10-K and Form 10-Q reports. The forward looking statements contained herein represent the Company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. Spring Creek Capital assumes no obligation to update the statements contained in this release except as required by applicable securities disclosure rules.

Contact Information

  • Contact information:
    Kelly T. Hickel
    Chairman
    Spring Creek
    Telephone: 646.808.3095