GreenBank Wins Award for Most Innovative Global Merchant Bank in Canada and Announces Continuation of Contract with the Substantia Group
TORONTO, ON / ACCESSWIRE / June 4, 2021 / GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) (“GreenBank” or “the Company”) is pleased to announce that the Company has won Capital Finance International’s (“CFI.co”) 2021 Award for the Most Innovative Merchant Bank in Canada. (See https://cfi.co/awards/ for CFI.co’s main awards page including a selection of other award winners.)
In presenting the award to GreenBank, CFI.co’s judges remarked upon GreenBank’s strong business model, stable of investments, and GreenBank Management’s “talent for innovation”. The full comments of CFI.co’s judges can be found at https://cfi.co/awards/north-america/2021/greenbank-capital-most-innovative-global-merchant-bank-canada-2021/
In accepting the Award, Mark Wettreich, Chairman of GreenBank said “We are delighted and flattered to receive this Award in recognition of our efforts to develop GreenBank into a global player. My father Danny Wettreich, who founded and Chaired GreenBank until his sad and unexpected passing in 2018, would have been very proud of the way that his strong legacy has endured and his vision has been put into practice by GreenBank’s cohesive team. Against this backdrop, I am therefore particularly honoured to accept CFI.co’s Award for the Most Innovative Global Merchant Bank in Canada 2021on behalf of The Company.”
In related news, the Company is also pleased to recognise the part that the Substantia Group (“Substantia”) has played in helping the Company to achieve certain ambitious milestones which were first outlined in the Company’s August 31, 2020 news release. As a result, GreenBank’s Board has elected to continue the Substantia contract per the terms of the original agreement. A condition of these renewal terms include payment of Substantia’s accrued success-based retainer fees of £16,000 per month for the months of September 2020 - April 2021, a continuation of the identical fee structure for Substantia’s services going forward on a monthly basis until further notice, as well as a one-time issuance of 500,000 newly issued common shares in GreenBank Capital as a success fee for Substantia’s role in GreenBank’s achievement of the milestones outlined on August 31, 2020. Whilst the achievement of the milestones technically did not occur within the timeframe discussed in the original contract, the GreenBank Board felt, given the level of achievement in the ensuing months has been well in excess of the original milestones, and given that a condition of the continuation of the Substantia contract was that payment be made for the months of September 2020, October 2020, and November 2020, it was in the GreenBank’s best interests to proceed with the payment. As previously disclosed, the Chairman of the Substantia Group, Mr. Terry Pullen is also a Director on the Board of GreenBank Capital.
As previously disclosed, the Board of GreenBank has announced its desire to exercise its option to acquire Staminier Limited (“Staminier”) subject to any necessary regulatory approval and agreement from Staminier’s institutional investor. It is therefore worth noting Substantia is now a wholly-owned subsidiary of Staminier, and so in a scenario where GreenBank’s option is successfully exercised, GreenBank believes that any payments made to Substantia at that time would likely qualify as inter-company.
David Lonsdale CEO of GreenBank Capital said “We have been impressed by the work performed by Substantia in support of the GreenBank Management team thus far and are pleased that this will continue during our next phase of growth. I am also really pleased that, as a wholly owned subsidiary of Staminier, Substantia has an opportunity to possibly become a part of the GreenBank story for many years to come, should GreenBank complete the acquisition of Staminier as intended”.
About Capital Finance International (CFI.co)
CFI.co is a business, economics, and finance publication headquartered in London. Each year, the company seeks out individuals and organizations that contribute significantly to the convergence of economies and truly add value for all stakeholders. Reporting from frontlines of economic convergence, CFI.co realizes that best practice is to be found throughout the world and the Awards Programme aims to identify and reward excellence wherever it is found in the hope to inspire others to further improve their own performance.
GreenBank is a next generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Our management are based in Toronto, Dallas, New York and London and are used to working across borders remotely. Our model of remote working, dynamic space and flexible contracts -rather than expensive offices, and large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after COVID19.
GreenBank is listed on the Canadian Securities Exchange, the Frankfurt Boerse and on the OTC Markets in the USA. (Trading symbols CSE: GBC and FRA: 2TL and OTCMKTS: GRNBF). GreenBank invests in undervalued exponential growth companies focused on building consistent capital appreciation for its shareholders.
For details of our “6 Key Drivers of Value” please see our latest Investor Presentation:
For more information please visit our website www.GreenBankCapitalInc.com or contact
Mark Wettreich at +1 (214) 202-4353 or by email Mark@GreenBankCapitalinc.com
SOURCE: GreenBank Capital Inc.
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