EastBank Capital Issues $20M Term Loan Agreement for Heavy Oil Development.
01/29/2013

EastBank Capital issued a Letter of Agreement for a Commercial Finance Loan of $20M to acquire and extract heavy oil from a proven reserve in Southern California.

Online PR News – 29-January-2013 – New York City – EB Capital, LLC (“EastBank Capital”) announced today that it has issued a Letter of Agreement for a Commercial Finance Loan of Twenty Million Dollars (“Loan”) to a privately held company. The proceeds of the Loan will be used for acquisition and development capital of a proven oil reserve basin in Southern California.
The Borrower is a privately held firm currently involved in heavy oil extraction with operations in California and Texas. The asset has original oil in place of approximately 8 million plus barrels, and strategic new management team with a combined total experience of 40+ years in the heavy oil industry.

"This Loan will assist the Borrower in acquiring and developing a proven basin for heavy oil that will make this acquisition an exceptional asset. “ said Joshua Estes, Managing Director of EastBank Capital.

About EastBank Capital:

EastBank Capital is a leading international private firm offering Project Finance Loans to clients throughout the world with more than 20 years of combined experience.
The firm’s executives provide a full range of capital solutions to the world’s leading commercial and industrial enterprises, as well as to public and private companies.

EastBank Capital’s executives meet the needs of its clients by offering a highly integrated and collaborative range of expertise across key business sectors throughout its global network. EastBank Capital’s integrated practice is underpinned by its team members’ acknowledged expertise and a strong tradition of innovation and client service.

Forward-Looking Statements:

This announcement contains statements that are, or may be, forward-looking statements. All statements other than statements of historical facts included in this announcement may be forward-looking statements. Forward-looking statements often use words such as "target", "plan", "believe", "expect", "aim", "intend", "will", "should", "could", "would", "may", "consider", "anticipate", "estimate", "synergy", "cost saving", "project", "goal" or "strategy" or words or terms of similar substance or the negative of such words. Forward-looking statements include statements relating to the following: (i) the expected timetable for implementing the transaction, future capital expenditures, expenses, revenues, earnings, synergies, economic performance, financial condition, losses and future prospects of EastBank Capital and (ii) business and management strategies and the expansion and growth of EastBank Capital’s operations and potential synergies resulting from the transactions contemplated.

These forward-looking statements are not guarantees of future performance. They have not been reviewed by auditors. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements, including, among other things, the enactment of legislation or regulation that may impose costs or restrict activities; the re-negotiation of contracts or licenses; fluctuations in demand and pricing; fluctuations of exchange controls, changes in government policy and taxation; industrial disputes; war and terrorism. These forward-looking statements involve known and unknown risks and uncertainties which may cause them to differ from the actual results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of such persons and the environment in which each will operate in the future. Investors are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this announcement. All subsequent oral or written forward-looking statements attributable to EastBank Capital or any of their respective members, directors, officers or employees or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included in this announcement are based on information available to EastBank Capital on the date of this announcement and are made only as of the date of this announcement. Undue reliance should not be placed on such forward-looking statements. Subject to compliance with their legal and regulatory obligations, EastBank Capital does not intend, or undertake any obligation, to update any forward-looking statements contained in this announcement.