Granville subsidiary signs commitment letter to refinance construction debt

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Oct 30 2010

Granville Pacific Capital Corporation ("Granville") (TSX Venture: GE) announces that a subsidiary of the Company, Evergreen Cottages Corp, has signed a commitment letter to refinance the Company's construction debt.

The Company has obtained and signed a commitment letter on October 22, 2010 entering into a lending agreement for a 5 year $11.325 million loan from Concentra Financial with a fixed interest of 4.9% with a targeted completion date of November 4, 2010.

Hendrik Van Ryk Jr, CEO comments, "This transaction represents the position of the Company as we now enjoy strong operations and cash flows resulting from numerous changes and positioning with our partners."

Granville is involved in the business of the acquisition and operation of senior citizens' lodging and care facilities and mental health facilities.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Source: GRANVILLE PACIFIC CAPITAL CORP.

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