Press release from TheNewswire.ca
HSBC Makes Demand on Cypress Pacific Credit Facility
Tuesday, December 18, 2012
HSBC Makes Demand on Cypress Pacific Credit Facility15:30 EST Tuesday, December 18, 2012(via Thenewswire.ca) Vancouver, BC - December 18, 2012 - Viridis Energy Inc. ("Viridis" or the "Company") (TSXV: VRD) today announced that its subsidiary, Cypress Pacific Marketing Inc. ("Cypress"), has received a demand for payment of its indebtedness to HSBC Bank Canada ("HSBC"). Cypress is currently indebted to HSBC for the sum of $3,005,388.66 plus interest. The debt is secured by a General Security Agreement charging the assets of Cypress and is guaranteed by Viridis and its subsidiary, Okanagan Pellet Company Inc. HSBC has advised that payment of the indebtedness, plus interest to the date of payment, must be made on or before December 22, 2012; otherwise, legal proceedings, which may include enforcement of the bank's security, may be commenced. Viridis is currently pursuing alternative financing with several parties to address Cypress's financing requirements. ----------------------------------- |Company Contact: Michele | | | |Rebiere Chief Financial | | | |Officer Viridis Energy Inc | | | |905-847-5226 | | | |firstname.lastname@example.org| | | ----------------------------------- About Viridis Energy Inc. Viridis Energy Inc. (TSXV: VRD) is a publicly traded, "Cleantech" alternative energy company specializing in the agricultural and wood waste biomass. Located in Vancouver, B.C., Viridis Energy operates Cypress Pacific Marketing, Okanagan Pellet Company and Scotia Atlantic Biomass, thus providing the company with vertical integration for distribution and manufacturing as well as coast to coast national presence. For more information on Viridis Energy Inc. please refer to the company website at www.viridisenergy.ca. Forward-looking Statements Certain of the statements made in this news release may contain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934 and forward-looking information within the meaning of applicable Canadian securities law. Forward-looking statements and forward-looking information include, but are not limited to, statements or information with respect to anticipated future revenue growth and gross margin increases, the expected timing for achieving profitability, anticipated future production levels and the projected production capabilities of the recently acquired manufacturing capacity in Nova Scotia. 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. No assurances can be given that Viridis will be successful in obtaining the required financing prior to the deadline set by HSBC or, if it does, that it will have sufficient working capital to support its operation until it can generate positive cash flow and net profitability. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a continued downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties associated with the demand for biofuels, (3) the risk that the Company does not execute its business plan, (4) inability to finance operations and growth (5) inability to finance the start-up operations in Nova Scotia in a timely manner (6) inability to retain key management and employees, (7) an increase in the number of competitors with larger resources, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company does not intend to update such forward looking information unless required to do so by applicable laws. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian securities regulators. 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 release. ### Copyright (c) 2012 Thenewswire.ca - All rights reserved.