GreenBank Comments on Minfocus Delaying Tactics
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Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that the directors of Minfocus have advised that, in their view, they have found another technical reason to delay the holding of a meeting of the Minfocus shareholders. This time the pathetic excuse is that the Shareholders Requisition Notice did not contain a return mailing address.
In Greenbank’s view, the directors of Minfocus are continuing their pattern of preferring their own interests over the rights of Minfocus shareholders to express their views on the company’s future at a shareholders meeting. The inevitable day when the shareholders of Minfocus remove the current directors is still coming. GreenBank will not be deterred from pursuing its course of action to vote out the current Minfocus directors in the interests of all Minfocus shareholders.
In GreenBank’s opinion, the current Minfocus directors’ stewardship has led to a situation where Minfocus has no cash; has indebtedness with no ability to pay off such indebtedness; has no ability to pursue mineral exploration; and has a share price hovering around 1 cent; all while issuing themselves new common shares. In GreenBank’s opinion, the Minfocus directors’ series of actions are an affront to good corporate governance. GreenBank will once again file a Shareholders Requisition Notice to replace the Minfocus directors.
“GreenBank will patiently pursue its rights as the largest shareholder of Minfocus. If the Minfocus directors think that delaying a shareholders meeting by a few weeks over a technicality will improve their chances of remaining as Minfocus directors then they are badly mistaken “said Danny Wettreich, CEO of GreenBank.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL), and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 13 small cap businesses, namely; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 27% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a search mobile application; 52% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain; 12% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process; 19% of Inside Bay Street Corporation, a financial news communications company; 27% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 19.62% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company: and 19.9% of Gander Exploration, a minerals exploration company in Newfoundland, Canada.
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. (CSE:GBC, OTC Pink:GRNBF, FWB:2TL)
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