Comprehensive Greenbriar News Release
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2021) - Greenbriar Capital Corp. ("Greenbriar") is pleased to announce a comprehensive update on all of the company's projects and business segments.
Regional Real Estate Agency Acquisition
The Company is in the final stages of making a formal binding offer to purchase an entire regional real estate franchise network ("Agency"). The purchase will have the sales, revenues, and net profits consolidate into the Greenbriar financial statements and profit and loss statement.
The revenues we propose to buy, consists of the franchises ownership of 3,300 agents, comprising USD $7.8 Billion of real estate sales and about USD $164 Million of consolidated commission income. This would have a major impact on the valuation of Greenbriar Capital Corp. Benefits to the real estate agency would be the merging into a public company where the value of the merged companies intrinsic assets are far greater than the share value, making this an accretive acquisition for both parties. Sage Ranch is currently worth more in the real estate market than within the company's financial statements, due to IFRS and US GAAP reporting standards of booking the actual acquisition cost in 2011 during a liquidation acquisition. The purchase price of the Agency is currently being evaluated and the price, once determined, can be either financed by bank loan for the full price, or common shares, preferred shares, or any combination of the above. The Agency's CEO would become the Executive Chairman and principal executive officer of Greenbriar, and Jeff Ciachurski will remain CEO of the merged entity. The agency's executives would become part of the merged entity. A news release will be issued upon a binding offer to purchase. There will be a breakup fee in favor of Greenbriar if the transaction is not consummated.
The Agency's desire is to stay competitive in the brokerage business where firms like Compass promote as a value-add, agent participation in their public stock. eXp (symbol: EXPI), has created massive multi-billion dollar market value through offering stock to their agents, and similar opportunities offered by other competitors. The added special advantage of a Greenbriar merger, in addition to having 3,300+ realtors act as brand ambassadors to this Greenbriar merged company, is together we are building hard assets which add opportunity to create wealth to augment opportunities of the sales commission organization. All efforts in this wealth building program will obey and be in compliance with all securities laws and real estate laws in the jurisdictions where we operate.
The Agency's CEO is a Regional Owner and Regional Director for 3 California Regions (Central & Southern California), where they have oversight of 36 offices and more than 8,300 realtors who close more than USD $18 billion in sales volume per year. In addition, the Agency has grown its own offices to become the #1 Franchisee outside of Texas with ownership in 9 offices and with more than 3,300 realtors and USD $7.8 billion in annual closed sales volume. They have led themselves to the #1 spot for Market Share in Los Angeles.
Since Paul Morris, JD, has taken over as the CEO of Sage Ranch all of the key issues have been fast tracked and resolved. The remaining issue is the final water report and as of today's date the water report is being updated. Jeff Ciachurski, has made a USD $2.6 Million cash purchase of deeded water rights and has agreed to transfer 95 Acre-Feet of his annual pumping rights to the Sage Ranch project as a gesture of goodwill to the City. At the last Planning Commission meeting, City Staff informed the Commission that our final documents are 90 to 95% complete. The final version of the Tentative Tract Map ("TTM") was submitted last week. Sage Ranch is a 995 unit - USD $450 Million entry level sustainable subdivision in Southern California. There is a shortage of 3.4 million entry level homes in the State of California.
Devon Sandford, President of Greenbriar Alberta, has advised that 3 additional corporate customers are in negotiation with us for the supply of large scale solar power to their respective organizations. Devon has hired two Professional Engineers to create the documentation for our bankers to complete the application for project level financing for a series of "behind the fence" projects that were outlined in our February 10, 2021 news release. The behind the fence projects carry a PPA price of up to CDN 24 cents per kwh.
The Company's President Cliff Webb, P. Eng., has made the application for Montalva to participate in the new RFP. The bid package is extensive and we have received confirmation from two independent professional engineering firms in Puerto Rico that most of the remaining 13 shovel ready projects do not have the technical expertise to complete the intensive RFP process. In addition to the scarcity of interconnection points onto the grid, the final application will comprise over 5,000 pages of technical studies and drawings which most of the 13 other projects do not possess.
Concurrently, Greenbriar is in communications with the US Congress, the FOMB, PREPA, and PREB for the overturning of the previous two top rated projects, or in the alternative, the acceptance of our project outside of the RFP. On March 18, the Puerto Rico Energy Bureau and Public Service Regulatory Board issued a Summons to PREPA to answer our complaint that our key price information and interconnection costs were entered by PREPA incorrectly to the consultant who made the valuation for the two top rated projects. In July of 2020, both the above agencies approved our project as number one with US$250 Million of ratepayer savings. The PREB has appointed an Administrative Law Judge to expedite our case and make a ruling.
Our revised pricing has increased this savings to USD $425 Million from our original USD $1.9 Billion 2012 contract. The company will provide updates on the progress. PREPA has failed to answer the summons on the time-line as stipulated by the PREB.
The Company requests for all shareholders that wish to receive timely updates and corporate communications, to please register your shareholdings in either paper certificate or electronic DRS (Direct Registration System). Further, the company has negotiated a complete website overhaul that will have a new, dynamic site operating by May 15, which will allow for analysts, influencers and advisors to drive their clients and subscribers to a modern and dynamic website.
About Greenbriar Capital Corp:
Greenbriar is a leading developer of sustainable real estate and renewable energy. With long-term, high impact, contracted sales agreements in key project locations and led by a successful, industry-recognized operating and development team, Greenbriar targets deep valued assets directed at accretive shareholder value.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chief Executive Officer and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80492