Vancouver, British Columbia – November 2, 2009 – Georgetown Capital Corp. (“Georgetown”) announces that Kyle Stevenson has resigned as a director of Georgetown to pursue other business interests. He will be replaced, subject to approval of the TSX Venture Exchange (the “Exchange”), by Ivan Bebek. Mr. Bebek is currently an entrepreneur in the junior capital markets and sits on the advisory board of Keegan Resources Inc., a public company trading on the TSX, as a corporate finance consultant. Georgetown’s Board of Directors extends thanks to Mr. Stevenson for his contribution to Georgetown and welcomes Mr. Bebek to the Board. In addition, Mr. Bebek will purchase, subject to Exchange approval, from Mr. Stevenson and from Mr. Hani Zabaneh, a director and the CEO of Georgetown, an aggregate of 1,000,000 common shares that are subject to an escrow agreement dated September 4, 2008 among Georgetown, Olympia Trust Company and certain shareholders of Georgetown.
Georgetown also announces that it proposes conducting a non-brokered private placement of up to 8,000,000 common shares of Georgetown at a price of $0.05 per share for aggregate proceeds of up to $400,000, subject to acceptance by the Exchange. Shares acquired by the placees will be subject to a hold period of four months plus one day from the date of completion of the financing in accordance with applicable securities legislation. The proceeds of the private placement will be used to identify and evaluate assets or businesses with a view to completing a Qualifying Transaction, pursuant to the policies of the Exchange.
For additional information, please contact:
Hani Zabaneh, Chief Executive Officer
Telephone: (604) 628-5620
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Georgetown Capital Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Georgetown Capital Corp.’s management on the date the statements are made. Except as required by law, Georgetown Capital Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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.