Toronto, Ontario--(Newsfile Corp. - August 8, 2017) - Gunpowder Capital Corp. (CSE: GPC) (CSE: GPC.PR.A) (OTC Pink: GNPWF) (FSE: YS6N) ("Gunpowder" or the "Corporation") announced today that it has entered into a three way agreement for a pilot program to explore the United States Home Rehabilitation Market.
Under this agreement, GPC will finance the purchase and rehabilitation of various dilapidated homes in partnership with two other groups, one of which is a general contractor. Upon the homes being rehabilitated they will be listed for sale. Under the terms of the agreement, the proceeds from the sale will first be used to repay the funds advanced by GPC plus 1.5% interest per month the funds are outstanding, the remaining profit will be divided up between the three parties with GPC entitled to 45% of the remaining profit.
Gunpowder has advanced Eighty-Eight Thousand Dollars ($88,000.00) USD to acquire and rehabilitate two properties. If this pilot program is successful, GPC will enter into a definitive agreement on substantially the same terms and conditions outlined above with a goal of rehabilitating four to six homes a month. We expect to report the results of this pilot within the next 60 days. GPC has elected not to disclose the geographic region of our focus for competitive reasons.
Mr. Paul Haber stated: "Our research has shown a significant need for affordable housing in certain U.S. markets and we believe that if this program is successful we can generate significant returns for our stakeholders while at the same time benefiting families and communities in the U.S."
For further information please contact:
Mr. Frank Kordy
CEO & Director
Gunpowder Capital Corp.
T: (647) 466-4037
Mr. Paul Haber
Gunpowder Capital Corp.
T: (416) 363-3833
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
— 30 —