Schwabo Capital Corporation Announces Change of Auditor

Schwabo Capital Corporation (the "Corporation" or "Schwabo") (NEX:SBO.H) is
pleased to announce that the appointment of McGovern, Hurley, Cunningham LLP, of
Toronto, Ontario as the auditor of the Corporation has been completed. The
shareholders of the Corporation approved the appointment at the annual and
special shareholder meeting held on June 25, 2010, and Schwabo has now received
all letters required in response to its notice of change of auditor. 


There have been no reservations in the former auditors' reports on any of the
Corporation's financial statements commencing at the beginning of the two most
recently completed financial years and ending on the date of the most recent
audited financial statements. There are no reportable events between the
Corporation and the former auditors. The Corporation has filed the notice of
change of auditor and the other documents making up the reporting package on
SEDAR, in accordance with the requirements of National Instrument 51-102
Continuous Disclosure Obligations. The reporting package will be included in the
information circular for the Corporation's next shareholder meeting.