Toronto, Ontario, July 25, 2013 – GreenBank Capital Inc. (CNSX: GBC) (“GreenBank” or “the Company”) announces that as a result of a review by the Ontario Securities Commission (“OSC”) of its recently filed Interim Financial Statements and Management Discussion and Analysis (“MD&A”), the OSC has advised GreenBank that these filings are deficient. The OSC states that the Financial Statements incorrectly applied IFRS 3 to account for the transfer of investments under common control, did not describe compliance with lAS 34 in the notes to the Interim Financial Statements, required an expanded going concern disclosure in accordance with lAS 1, required more disclosure under IFRS 2 paragraph 44-52, and needs to correct and clarify other disclosures. The MD&A was not fully completed, needed to provide full disclosure of investments that were consolidated by GreenBank, needed to be more consistent throughout the MD&A, did not provide adequate discussion in accordance with Items1.5 and 1.6 of Form 51-102Fl, did not adequately disclose proposed transactions, did not have a cautionary statement that was specific to the disclosures in the MD&A, and needs to correct and clarify other disclosures.
Management will address these deficiencies promptly, and correct the errors identified.
GreenBank is a corporate finance investment business focusing on investing in Canadian small cap publicly listed companies. Based on the model of a London merchant bank, GreenBank takes equity positions in its clients, often participating in client company decisions via board of directors’ positions. GreenBank facilitates listing private companies on the CNSX, arranges mergers and acquisitions, and invests equity in the transactions as appropriate.
For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich at (647) 931 9768 or dw@GreenBankCapitalinc.com.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CNSX has not reviewed, approved or disapproved the content ofthis press release.