E.G. Capital Inc. Announces Results for the Three Months Ended August 31, 2013
October 30 2013 - 5:27PM
Marketwired Canada
E.G. Capital Inc. (TSX VENTURE:EGC.H), ("E.G. Capital"), formally National
Construction Inc., today announces results for the three months ended August 31,
2013.
Comparison of the three months ended August 31, 2013 and August 31, 2012
Revenue was $nil for the three month period ended August 31, 2013 as compared to
$nil for the same period last year.
Administrative Expenses were $85,106 for the three months ended August 31, 2013
as compared to $46,870 for the same period last year. For the three months ended
August 31, 2013, the $85,106 included approximately $76,000 in professional and
advisory expenses and approximately $9,000 in regulatory related filing
expenses, consulting, and sundry administrative costs. For the three months
ended August 31, 2012, the $46,870 included approximately $40,000 in
professional and advisory expenses and approximately $7,000 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, 2013 as compared to interest expense of $18 for the same period
last year. The Corporation incurred a foreign currency exchange loss of $1.134
for the three months ended August 31, 2013 as compared to a foreign currency
exchange loss of $nil for the same period last year.
As a result of the foregoing factors, the loss for the three months ended August
31, 2013 was $86,258 as compared to a loss of $46,888 for the same period last
year.
Comparison of the six months ended August 31, 2013 and August 31, 2012
Revenue was $nil for the six month period ended August 31, 2013 as compared to
$nil for the same period last year.
Administrative Expenses were $101,271 for the six months ended August 31, 2013
as compared to $53,419 for the same period last year. For the six months ended
August 31, 2013, the $101,271 included approximately $88,000 in professional and
advisory expenses and approximately $13,000 in regulatory related filing
expenses, consulting, and sundry administrative costs. For the six months ended
August 31, 2012, the $53,419 included approximately $43,000 in professional and
advisory expenses and approximately $10,000 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, 2013 as compared to interest expense of $36 for the same period
last year.
The Corporation incurred a foreign currency exchange loss of $1,134 for the six
months ended August 31, 2013 as compared to a foreign currency exchange loss of
$nil for the same period last year.
As a result of the foregoing factors, the loss for the six months ended August
31, 2013 was $102,441 as compared to a loss of $53,455 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.
On June 18, 2013, the Corporation entered into a reorganization and investment
agreement with an individual resident in the Province of Ontario. Pursuant to
this agreement, the Corporation has agreed to use its best efforts to complete
the following: (i) the consolidation of the common shares on a 10 to 1 basis;
(ii) a non-brokered private placement of up to 4,000,000 Units at a price of
$0.05 per Unit for gross proceeds of a maximum of $200 000; (iii) the
appointment of a new CEO; (iv) the appointment of new directors; and (v) a
change of the name of the Corporation to Quantum International Income Corp.
Completions of the transactions are subject to standard closing conditions,
including the approval of each of the Exchange and the shareholders of the
Corporation.
The Corporation has called a special shareholders' meeting for November 21, 2013
to consider the above matters, as well as to appoint directors and auditors.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
E.G. Capital Inc.
William G. Edwards
CFO
(416) 565-0066
Quantum International Income Corporation (TSXV:EGC.H)
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