Vancouver, BC - January 17, 2013 - Viridis Energy Inc. ("Viridis" or the "Company") (TSXV: VRD) announces that its largest investor, Cornwall Investments, LLC ("Cornwall") has purchased the indebtedness of Viridis' subsidiary, Cypress Pacific Marketing Inc. ("Cypress"), that was owing to HSBC Bank Canada ("HSBC") for approximately $2,826,000, effective today.
The loan is secured by a General Security Agreement charging the assets of Cypress and is guaranteed by Viridis and its subsidiary, Okanagan Pellet Company Inc.
Cornwall also holds the loan and related security on the Company's newest facility, Scotia Atlantic Biomass Company Ltd., and is currently negotiating a restructuring of the entire amount of the Company's indebtedness to Cornwall.
"Cornwall is very bullish on the pellet industry in the foreseeable future and we believe Viridis is well positioned to pursue this market opportunity," said Robert M. Aaron, chief executive officer, Cornwall Investments, LLC.
|Company Contact: Michele | | |
|Rebiere Chief Financial | | |
|Officer Viridis Energy Inc | | |
|905-847-5226 | | |
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About Viridis Energy Inc.
Viridis Energy Inc. (TSXV: VRD) is a publicly traded, "Cleantech" alternative energy company specializing in the agricultural and wood waste biomass. Located in Vancouver, B.C., Viridis Energy operates Cypress Pacific Marketing, Okanagan Pellet Company and Scotia Atlantic Biomass, thus providing the company with vertical integration for distribution and manufacturing as well as coast to coast national presence. For more information on Viridis Energy Inc. please refer to the company website at www.viridisenergy.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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