Dec 28 2009
Greenscape Capital has completed the acquisition of the total outstanding and issued shares of Green.Switch Capital. This transaction is subject to regulatory approval.
The terms of the purchase of all these shares are based on a share exchange between Greenscape and Green.Switch. Green.Switch has the advantage of holding up to two million common shares. The terms state that the shares and options are exposed to a four month and one day hold period. Greenscape will issue 200,000 of the common shares and 20,000 of the referenced options. The options are set at $0.50.
The remaining 180,000 options and 1.8 million shares will be granted to Green.Switch based on the following financial-quarter earnings before income tax, depreciation and amortization.
1. Greenscape will issue 150,000 common shares and 15,000 stock options from treasury for every $200,000 in EBITDA recorded in the Green Switch’s financial statements.
2. Twelve financial quarters have been granted to Green.Switch for earning the maximum of 180,000 stock options and 1.8 million common shares.
Bryan Slusarchuk, CEO of Greenscape, remarked that the company is pleased with the terms of the deal and it is looking forward to work with the management team from Green.Switch.
The management team of Green.Switch consists of Ryan Skomorowski, founder, CEO, Chief Executive Officer and Director who will continue to guide the company with his knowledge and experience in securities, finance, construction and environmental initiatives and property development. Paul B. Clough, Director of Green.Switch has spoken on issues related to the emissions of carbon and the environment. Nick Skomorowski, Senior Advisor has the experience of supervising over $1 billion in various construction projects.
Source: http://www.greenscapecapital.com/