E.G. Capital Inc. (NEX BOARD:EGC.H) ("E.G. Capital"), formally National
Construction Inc., today announces results for the year ended February 29, 2008.


Comparison of the twelve months ended February 29, 2008 and February 28, 2007

Interest income of $2,685 previously disclosed as revenue for the year ended
February 28, 2007 have been reclassified within Special Items within the
February 29, 2009 financial statements. Other revenues previously disclosed as
revenues within the interim financial statements have also been reclassified
within Special Items within the February 29, 2008 financial statements.
Administrative Expenses were $178,043 for the year ended February 29, 2008 as
compared to $111,891 for the same period last year. For the year ended February
29, 2008, the $178,043 included approximately $62,000 in professional and
advisory expenses, approximately $116,000 in regulatory related filing expenses,
consulting, and sundry administrative costs. For the year ended February 28,
2007 the $111,891 included approximately $50,000 in professional and advisory
expenses and approximately $61,000 in regulatory related filing expenses,
consulting and sundry administrative costs. The increase is due to additional
expenses incurred in pursuing potential opportunities to enhance shareholder
value. Write-down of assets held for sale was $25,000 for the year ended
February 29, 2008 as compared to $nil for the same period last year.


The Corporation incurred interest and bank charges of $23,629 for the year ended
February 29, 2008 as compared to interest expense of $7,606 for the same period
last year. The increase was due to increased interest on outstanding Ontario
capital tax for which management is attempting to negotiate a reduction in taxes
claimed as payable by the Province.


As a result of the foregoing factors, the loss before special items for the year
ended February 29, 2008 was $226,672 as compared to a loss before income taxes
and special items of $119,497 for the same period last year. The Corporation
earned special items income of $82,438 for the year ended February 29, 2008
representing a recovery of revenue from a joint venture in the amount of
approximately $52,000, a partial recovery of the earn-out allowance recorded in
the prior year of approximately $34,000, an expense of approximately $36,000
representing an adjustment to CSST recoverable and interest income of
approximately $32,000 earned on term deposits as compared to special item income
of $382,685 for the same period last year representing an earn-out allowance
recovery of $380,000 and interest income of $2,685. As a result of the foregoing
factors, the loss for the year ended February 29, 2008 was $144,234 as compared
to income before income taxes of $263,188 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.


The Corporation intends to review and pursue opportunities to unlock the value
of its tax pools.


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.


Quantum International Income Corporation (TSXV:EGC.H)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Quantum International Income Corporation Charts.
Quantum International Income Corporation (TSXV:EGC.H)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Quantum International Income Corporation Charts.