GreenBank Announces the Revocation of Cease Trade Order by the OSC
This News Release is not for Distribution or Dissemination in the United States of America
TORONTO, ON / ACCESSWIRE / January 31, 2020 / GreenBank Capital Inc. (CSE:GBC)(OTCMKTS:GRNBF)(FRA:2TL) ("GreenBank or the Company") reports that it has obtained OSC approval for the revocation of a Cease Trade Order ("FFCTO") on its stock.
GreenBank was the subject of a FFCTO by the Ontario Securities Commission for failing to file the Company's financial statements, accompanying management's discussion and analysis, and the CEO and CFO certifications for the fiscal year ended July 31, 2018, in a timely manner. This was a consequence of the unexpected passing of the Founder Chairman and CEO, Daniel Wettreich. The management team has since re-built the institutional knowledge lost with the passing of the founder and met all its disclosure requirements.
GreenBank has filed an Undertaking that it will hold an Annual General Meeting within three months of the revocation of the FFCTO.
GreenBank will be filing an application to the Canadian Securities Exchange ("CSE") to resume trading of its common shares. Over the past year, GreenBank has focused on rebuilding lost institutional knowledge and streamlining its portfolio. The Company's future plans involve renewing its focus on merchant banking by nurturing select existing investments in its current portfolio, and exploring opportunities to make new investments that have the potential to build value for its shareholders.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL). GreenBank's 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank's portfolio companies comprise equity investments in 14 small cap businesses, namely; 52.5% of Blockchain Evolution Inc, owners of the world's first identification based blockchain, and developers of Xbook a user permissioned and revenue sharing social media platform; 22.6% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 47.7% of GBC Grand Exploration Inc, a gold exploration company in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of Cannabis Blockchain Inc, developers of a digital information management system for the cannabis industry; 59.5% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; 19% of Inside Bay Street Corporation, a financial news communications company; 34.8% of Gander Exploration Inc, a minerals exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 25% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 100% of Expatriate Assistance Services Inc, providing relocation services to expatriates; and 11.2% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company.
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 raising of additional capital and the future development of the businesses comprising GreenBank's investment portfolio. 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 GreenBank 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 GreenBank 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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GreenBank Capital Inc.