Management has been busy building relationships with key finance and parking industry leaders that will provide a basis for meaningful expansion of the Company's assets in the United States. The Canopy Parking facility serves as the core corporate asset and carries an upon completion value of US$37.1 million, based on a Cushman Wakefield appraisal. Management is excited to build significant shareholder value through the renewed focus of the company's mandate and ample opportunities in the parking sector.
Concurrent with the company's exclusive focus on parking assets, Greeenscape will be seeking approval for a name change that reflects the commitment to building a premier North American parking company.
In addition to being named official demonstrator site for the US Green Parking Council, Canopy was named the 2012 Innovative Sustainability Project of the Year award by the National Parking Association. This award recognizes Canopy's innovation, excellence in operations and best practices.
Parking Industry Overview
The parking industry is an industry with $25-$30 billion in annual revenues. It is estimated that there are more than 136,000,000 passenger cars in the United States alone and that 96% of the time, these vehicles are parked. The industry generates revenue from parking at locations such as airports, commercial destinations, corporate buildings, public spots, stadiums, hospitals and academic facilities.
Canopy Asset Overview
Greenscape's Canopy Airport Parking facility is a 4,200 stall facility that services the Denver International Airport (DIA) in Denver, Colorado. DIA is the 5th busiest airport in the United States and the 10th busiest in the world. By size, it is the largest airport in the United States and the 3rd largest in the world. Canopy is a state of the art sustainable parking facility, is certified by the US Green Parking Council as an official demonstrator site and has been labeled as the world's greenest parking facility. It was estimated by Architectural Energy Corporation (AEC) that the total cost savings annually at the Canopy facility is 70% when compared with engineering baselines. The lot is LEED Gold certified and integrates wind and solar power generation, geothermal heating and cooling, LED lighting, recycled steel and asphalt and sophisticated run off containment systems into its design.
To view a brief video describing Greenscape's Canopy Airport Parking facility please visit https://www.youtube.com/watch?feature=player_embedded&v=C6ry0KkN3-U.
Comments from management
Rick Baxter, Chief Executive Officer, states, "Canopy's operational performance continues to improve. Now, through regular distributions, Greenscape recognizes financial benefits from this performance. The Company will proceed with its previously described plan to obtain favourable replacement financing on existing debt and this will serve as a platform for acquiring new projects that are accretive to earnings."
Greenscape Capital Group is headquartered in Vancouver, British Columbia. The company's core asset is the Canopy Airport Parking Facility, a 4,200 space state-of-the-art parking structure servicing the Denver International Airport. Canopy is known as North America's Greenest Parking Facility, is certified as a Demonstrator Site for the Green Parking Council and operates up to 75% more energy efficiently than competing parking facilities, thereby increasing the company's bottom line. Greenscape seeks to maximize shareholder value by exploring new opportunities in the parking industry. For more information visit www.greenscapecapital.com.
ON BEHALF OF THE BOARD
Rick Baxter, President and CEO
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. In particular, no assurance can be given that the Company will be able to locate loan financing to replace the existing loans on terms acceptable to the Company, or at all.
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 news release.
Greenscape Capital Group Inc.
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