Toronto, Ontario--(Newsfile Corp. - July 13, 2017) - Gunpowder Capital Corp., (CSE: GPC), (CSE: GPC.PR.A), (OTC Pink: GNPWF), (FSE: YS6N), ("Gunpowder" or the "Corporation") announced today that it has loaned One Hundred and Sixty-Five Thousand Dollars ("$165,000.00") USD to PMG-Patriot Inc., ("Patriot") of Miami Florida. Proceeds of the loan are to be used by Patriot to acquire Patriot Property Services, Inc.
Patriot Property Services, Inc. is based in Key Largo, Florida and provides property management services to various Home Owner Associations ("HOAs"). Unaudited results for the prior fiscal year indicate revenue of approximately USD $1 million. This acquisition led by a new experienced management team is anticipated to result in substantial growth for Patriot.
The loan bears interest at a rate of eighteen percent (18%) per annum, and is secured by a charge on the assets of the business. The loan is repayable in 18 equal monthly installments. In addition, Patriot will pay a one and a half (1.5%) gross revenue royalty to Gunpowder. The royalty shall be calculated on the gross revenue of Patriot Property Services, Inc. and be paid on a monthly basis. The royalty shall run in perpetuity.
In connection with the above the Corporation has borrowed One Hundred Thousand Dollars ("$100,000.00") USD. The loan matures in 12 months and bears interest at a rate of eight percent (8%) per annum.
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.
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