Schenectady, N.Y., January 11, 2007 – Metroplex today announced that it will start foreclosure proceedings on the Van Dyck. Metroplex staff met with the owner of the Van Dyck earlier today and asked for immediate repayment of the outstanding loan balance or a firm financing commitment from a bank or investor. The owner of the Van Dyck provided information to Metroplex today that indicates a serious level of interest on the part of several investor groups who would invest in the jazz club and restaurant and retire the Metroplex debt. However, the owner did not provide the firm financing commitment required by today’s deadline so Metroplex will begin the foreclosure process.

Metroplex Chair Ray Gillen said, “Our understanding with Mr. Olsen, owner of the Van Dyck, regarding Metroplex financing was two years and out. Our loan was payable in full last fall and we provided a short grace period over the holidays. At this time, we will immediately begin the foreclosure process to insure that our debt is satisfied. There is sufficient equity in the building and equipment to more than satisfy our debt.   We regret taking this step, but need to do so to protect the public financing involved in this project. We are hopeful that new owners and investors will come forward so that we can stop the foreclosure process and have our loan immediately repaid by new investors.”

More information may be obtained at www.schenectadymetroplex.org.