Greenbriar Corporate Update
September 9, 2016
September 19, 2016 ‑ Vancouver, British Columbia. Greenbriar Capital Corp. (the “Company”) is pleased to announce that it has made substantial progress with its legal case against the Puerto Rico Energy Power Authority (‘PREPA”) and is several steps further in its objective of building the 100 Megawatt Montalva solar project located in the Municipalities of Montalva and Lajas, Puerto Rico.
On September 9th, 2016 the Superior Court of Puerto Rico denied an application by PREPA to have our case for contractual enforcement and damages dismissed. This is a significant victory for Greenbriar as the Company may proceed ahead at full speed to have the court enforce our agreement, or in lieu of enforcement, USD $210 Million in monetary damages, or both. The Company has also named key individuals like the Executive Director as named parties to our case and the Company will be pursuing claims against such individuals through PREPA’s Directors and Officers Liability insurance.
Greenbriar also proudly reports that it appears the current political administration of Puerto Rico that oversees PREPA may easily lose this upcoming November election, allowing the other political party that supports renewable energy to honor the binding contracts that exist between private industry such as Greenbriar and PREPA.
Every one of the millions of citizens in Puerto Rico except the current leadership of PREPA and the soon to be gone senior political leadership, is baffled why PREPA is not honoring the Company’s executed agreement that creates over $300 Million of construction funds, 600 workplace jobs during construction, 35 high paying full time jobs, $12 Million in immediate taxes, $120 Million in long term taxes, and a savings of over $1 Billion on energy costs over the 35-year life of the agreement plus a serious reduction in greenhouse gas emissions. The contract for the Company is worth $1.9 Billion over 35 years, but saves PREPA over $1 Billion based on its current costs.
The reasons may reside in the current Civil Racketeering charges brought against certain individuals inside and close to PREPA who are accused of manipulating the imported oil charges used for electrical generation that cost the citizens of Puerto Rico Billions of dollars in excess charges for decades. PREPA currently burns oil and dirty fuels for two thirds of its electrical production and in PREPA’s own white paper issued in June 2015, its total cost of generation is 29.2 cents per kilowatt hour versus the 15 cents per kilowatt hour in the Company’s contract. The Company is both, on the right side of history, and the law.
About Greenbriar Capital Corp.
Greenbriar Capital Corp is a leading developer of renewable energy and sustainable real estate projects. With long term, high impact, contracted sales agreements in key project locations led by a successful industryrecognized operating and development team, Greenbriar targets deep value assets directed at accretive shareholder value.
For further information please contact:
Jeff Ciachurski, CEO
Greenbriar Capital Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President, 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.
Forward looking statements are generally identifiable by the use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward looking information or statements. Important factors that could cause actual results to differ from these forward looking statements include but are not limited to: risks related to the development and potential development of the Company's projects, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy, as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR.
There can be no assurance that any forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward looking information or statements. Except as required by law, the Company does not intend to revise or update these forward looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
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