Greenscape Update on Replacement Financing
Vancouver, B.C., - Greenscape Capital Group Inc. ("Greenscape") TSX‐V: GRN Pursuant to the Notice of Intention to Enforce Security disclosed by Greenscape on March 7, 2013, Maxam, as lender, made a court application on May 8, 2013 to enforce its Credit Agreement. A Court Order was entered on May 10, 2013, which made the following determinations and orders:
That a total of $7,707,386 is due and owing, with interest continuing thereon;
That enforcement of the Lender's remedies against Greenscape and its security be stayed for 60 days from the date of the order, provided Greenscape pays amounts outstanding for 2013 ($1,040,645; which has been paid) and future principal and interest payments when due on May 31 and June 30, 2013.
The stay enables Greenscape to continue working on replacing the existing Maxam loan. The Company is optimistic financing will be arranged. Failure to maintain the payments during the 60 day stay period may result in a receiver being appointed against the Company's assets.
The issue of whether or not a Prepayment Fee (as demanded by Maxam, but refuted by Greenscape) is an amount due and payable under the Credit Agreement is to be tried by way of summary trial on a date or dates to be determined.
Greenscape also provides an update on its Canopy Airport Parking operation located at the Denver International Airport in Colorado. Fiscal Year 2013 first quarter occupancy numbers continue to grow from a successful and profitable 2012. EBITDA of $419,564 was achieved in the 3 month period ending March 31, versus 2012 EBITDA of $25,304, a year-over-year increase of 1,558%. Average daily car counts January through March were 26% higher year-over-year.
Greenscape Capital Group is headquartered in Vancouver, British Columbia and is focused on the parking industry. The Company's core asset is the Canopy Airport Parking Facility, a 4,200 space state-of-the-art parking structure servicing the Denver International Airport. Canopy is known as North America's Greenest Parking Facility, is certified as a Demonstrator Site for the Green Parking Council and operates 75% more energy efficiently than competing parking facilities, thereby increasing the company's bottom line. Greenscape seeks to maximize shareholder value by exploring new opportunities and growth in the parking industry. For more information visit www.greenscapecapital.com.
ON BEHALF OF THE BOARD
"Rick Baxter" President and CEO
Greenscape Capital Group Inc.
Suite 700 – 510 West Hastings Street
Vancouver, British Columbia
Canada V6B 1L8
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Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. In particular, no assurance can be given that the Company will be able to locate loan financing to replace the Maxam loans on terms acceptable to the Company, or at all.