E.G. Capital Inc. Announces Results for the Three Months Ended
November 30, 2013
BROSSARD, QUEBEC--(Marketwired - Jan 29, 2014) - E.G. Capital
Inc. (TSX-VENTURE:EGC.H), ("E.G. Capital"), formally National
Construction Inc., today announces results for the three months
ended November 30, 2013.
Comparison of the three months ended November 30, 2013 and
November 30, 2012
Revenue was $nil for the three month period ended November 30,
2013 as compared to $nil for the same period last year.
Administrative Expenses were $27,935 for the three months ended
November 30, 2013 as compared to $16,383 for the same period last
year. For the three months ended November 30, 2013, the $27,935
included approximately $6,000 in professional and advisory expenses
and approximately $22,000 in regulatory related filing expenses,
consulting, and sundry administrative costs. For the three months
ended November 30, 2012, the $16,383 included approximately $13,000
in professional and advisory expenses and approximately $3,000 in
regulatory related filing expenses, consulting and sundry
administrative costs.
The Corporation incurred interest and bank charges of $36 for
the three months ended November 30, 2013 as compared to interest
expense of $18 for the same period last year. The Corporation
incurred a foreign currency exchange loss of $nil for the three
months ended November 30, 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 November 30, 2013 was $27,971 as compared to a loss of
$16,401 for the same period last year.
Comparison of the nine months ended November 30, 2013 and
November 30, 2012
Revenue was $nil for the nine month period ended November 30,
2013 as compared to $nil for the same period last year.
Administrative Expenses were $129,206 for the nine months ended
November 30, 2013 as compared to $69,802 for the same period last
year. For the nine months ended November 30, 2013, the $129,206
included approximately $94,000 in professional and advisory
expenses and approximately $35,000 in regulatory related filing
expenses, consulting, and sundry administrative costs. For the nine
months ended November 30, 2012, the $69,802 included approximately
$56,000 in professional and advisory expenses and approximately
$14,000 in regulatory related filing expenses, consulting and
sundry administrative costs.
The Corporation incurred interest and bank charges of $72 for
the nine months ended November 30, 2013 as compared to interest
expense of $54 for the same period last year. The Corporation
incurred a foreign currency exchange loss of $1,134 for the nine
months ended November 30, 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 nine
months ended November 30, 2013 was $130,412 as compared to a loss
of $69,856 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 had a special shareholders' meeting on November
21, 2013 to consider the above matters, as well as to appoint
directors and auditors. All matters were approved however the
private placement has not yet closed.
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.
E.G. Capital Inc.William G. EdwardsCFO(416) 565-0066
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