E.G. Capital Inc. Announces Results for the Year Ended February 28, 2013
(firmenpresse) - BROSSARD, QUEBEC -- (Marketwired) -- 06/28/13 -- E.G. Capital Inc. (TSX VENTURE: EGC.H) ("E.G. Capital"), formerly National Construction Inc., today announces results for the year ended February 28, 2013.
Comparison of the twelve months ended February 28, 2013 and February 29, 2012
Revenue was $nil for the twelve month period ended February 28, 2013 as compared to $nil for the same period last year.
Administrative Expenses were $81,441 for the twelve months ended February 28, 2013 as compared to $94,498 for the same period last year. For the twelve months ended February 28, 2013, the $81,441 included approximately $62,000 in professional and advisory expenses and approximately $19,000 in regulatory related filing expenses, consulting, and sundry administrative costs. For the twelve months ended February 29, 2012, the $94,498 included approximately $75,000 in professional and advisory expenses and approximately $19,000 in regulatory related filing expenses, consulting, and sundry administrative costs.
The Corporation incurred interest and bank charges of $11,213 for the twelve months ended February 28, 2013 as compared to interest expense of $10,549 for the same period last year. The interest was largely due to accrued interest on outstanding Ontario capital tax for which management is attempting to negotiate a reduction in taxes claimed as payable by the Province.
The Corporation incurred a foreign currency exchange gain of $nil for the twelve months ended February 28, 2013 as compared to a foreign currency exchange gain of $502 for the same period last year.
As a result of the foregoing factors, the loss for the twelve months ended February 28, 2013 was $93,422 as compared to a loss of $110,806 for the same period last year.
Revenue was $nil for the twelve month period ended February 28, 2013 as compared to $nil for the same period last year.
About E.G. Capital Inc.
The Corporation is an inactive company listed on the NEX board of the TSX Venture Exchange Inc ("the Exchange). The business of the Corporation is to identify and evaluate businesses or assets with a view to completing a reactivation transaction on the Exchange.
Following the sale of certain assets in February, 2005, the Corporation did not engage in any active business other than to preserve and/or convert into cash any assets remaining with the Corporation and to pursue future shareholder enhancing opportunities. The Corporation intends to review and pursue opportunities to unlock the value of its unrecorded future income tax assets.
This press release may contain forward-looking statements relating to the Corporation. Among the important factors that could cause actual results to differ materially from those indicated by such forward looking statements are competitive pressures, technical difficulties, market acceptance, changes in customer requirements, and general economic conditions, and other risks and uncertainties as described from time to time in Corporation's reports, registration statements and filings filed by the Corporation with securities regulatory authorities.
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
E.G. Capital Inc.
William G. Edwards
CFO
(416) 565-0066
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Datum: 28.06.2013 - 13:30 Uhr
Sprache: Deutsch
News-ID 1241480
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Venture Capital
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