E.G. Capital Inc. Announces Results for the Six Months Ended August 31, 2011
October 28 2011 - 1:44PM
Marketwired
E.G. Capital Inc. (TSX VENTURE:EGC.H), ("E.G. Capital"), formally
National Construction Inc., today announces results for the six
months ended August 31, 2011.
Comparison of the three months ended August 31, 2011 and August
31, 2010
Revenue was $nil for the three month period ended August 31,
2011 as compared to $nil for the same period last year.
Administrative expenses were $15,818 for the three months ended
August 31, 2011 as compared to $42,043 for the same period last
year. For the three months ended August 31, 2011, the $15,818
included approximately $9,000 in professional and advisory expenses
and approximately $6,000 in regulatory related filing expenses,
consulting, and sundry administrative costs. For the three months
ended August 31, 2010, the $42,043 included approximately $26,000
in professional and advisory expenses and approximately $16,000 in
regulatory related filing expenses, consulting and sundry
administrative costs.
The Corporation incurred interest and bank charges of $18 for
the three months ended August 31, 2011 as compared to interest
expense of $18 for the same period last year.
As a result of the foregoing factors, the loss for the three
months ended August 31, 2011 was $16,029 as compared to a loss of
$42,061 for the same period last year.
Comparison of the six months ended August 31, 2011 and August
31, 2010
Revenue was $nil for the six month period ended August 31, 2011
as compared to $nil for the same period last year. Administrative
expenses were $36,878 for the six months ended August 31, 2011 as
compared to $71,921 for the same period last year. For the six
months ended August 31, 2011, the $36,878 included approximately
$28,000 in professional and advisory expenses and approximately
$9,000 in regulatory related filing expenses, consulting, and
sundry administrative costs. For the six months ended August 31,
2010, the $71,921 included approximately $51,000 in professional
and advisory expenses and approximately $21,000 in regulatory
related filing expenses, consulting and sundry administrative
costs.
The Corporation incurred interest and bank charges of $36 for
the six months ended August 31, 2011 as compared to interest
expense of $61 for the same period last year.
As a result of the foregoing factors, the loss for the six
months ended August 31, 2011 was $37,107 as compared to a loss of
$71,982 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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