Vancouver, BC, August 11, 2015 – GreenAngel Energy Corporation (“GreenAngel”) (TSX-V: GAE) announces that it has received 1,000,000 founders shares in CamDo Solutions Inc. (“CamDo”), a Vancouver-based high technology startup.
GreenAngel assisted CamDo in acquiring the technology from Cam-Do.com LLC and Peter Jennings, a Silicon Valley veteran and founder of Visicorp, the company that produced the first electronic spreadsheet, Visicalc. Pursuant to an agreement dated March 30, 2014, GreenAngel was to receive 1,600,000 common shares representing a 30% interest in CamDo in exchange for startup services including the recruitment of key personnel and the completion of a seed financing.
In exchange for taking on GreenAngel’s tasks and ongoing obligations, GreenAngel transferred, for nominal consideration, 600,000 of its allotted founders shares to Michael Volker, a director of both companies. Disinterested directors unanimously approved this assignment. Removing this obligation from GreenAngel allows the Company to focus on its Revenue-Based Financing model under the direction of its new CEO, Michael Walkinshaw as announced on August 10, 2015.
This transaction is exempt from formal valuation and minority approval requirements under MI 61-101 pursuant to sections 5.5(a) and 5.7(a) of that instrument.
After the completion of CamDo’s $300,000 seed round and the issuance of additional treasury shares to management and investors, CamDo will have approximately 8.5 million shares outstanding. GreenAngel’s 1,000,000 share interest in CamDo is entirely non-dilutive to GreenAngel’s shareholders thereby allowing GreenAngel to benefit from CamDo’s growth.
About GreenAngel Energy
GreenAngel Energy Corp. is a Revenue Based Financing company that purchases future revenue streams from technology and industrial companies in western Canada. This new financing option complements both debt and equity financing while allowing entrepreneurs to retain control of their own business. In addition, GreenAngel continues to manage existing investments in the clean energy sector, as well as providing strategic and business advisory services to ensure these companies achieve success.
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.
ON BEHALF OF THE BOARD
Michael C Volker
Chairman and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management. 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. The Company disclaims any obligation to update the forward-looking statements except as required by law.