Garibaldi now backed by Vancouver financiers 

The primary financial backer of the proposed Garibaldi at Squamish resort has sold his interest in the company to Vancouver businessmen Luigi Aquillini and Bob Gaglardi.

Charles Littledale, regional manager of Water and Lands B.C., confirmed the shareholder restructuring this week. Littledale met with the new investors last week.

"They’ve done what they had to do to satisfy the province," Littledale said when asked if Lands and Water B.C. is satisfied with the new financial backers.

"The process is still to get the Environmental Assessment and master plan done by mid-April, and they say they’re on track," Littledale said.

Last February it was announced that Milborne Development Corp. of Toronto was providing $5 million over two years to finance Garibaldi at Squamish. The project had been stalled after earlier financial backers pulled out in 2000.

Wolfgang Richter won the right to study the Brohm Ridge area for ski resort development in 1996. Work on a number of environmental studies for the project continued through last summer, but this fall the rights and agreement with Water and Lands B.C. were transferred from Richter’s original company, Garibaldi Alpen Resorts 1996 Ltd., to a new company, Garibaldi At Squamish Inc.

Richter remains a shareholder in GAS Inc.

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