E.G. Capital Inc. Announces Results for the Three Months Ended May 31, 2009
July 30 2009 - 2:51PM
Marketwired Canada
E.G. Capital Inc. (NEX:EGC.H), ("E.G. Capital"), formally National Construction
Inc., today announces results for the three months ended May 31, 2009.
Comparison of the three months ended May 31, 2009 and May 31, 2008
Revenue was $13,750 for the three month period ended May 31, 2009 as compared to
$nil for the same period last year. The $13,750 for the three months ended May
31, 2009 was composed of $13,750 in interest income. Administrative Expenses
were $24,771 for the three months ended May 31, 2009 as compared to $23,682 for
the same period last year. For the three months ended May 31, 2009, the $24,771
included approximately $20,000 in professional and advisory expenses and
approximately $5,000 in regulatory related filing expenses, consulting, and
sundry administrative costs. For the three months ended May 31, 2008, the
$23,682 included approximately $14,000 in professional and advisory expenses and
approximately $9,000 in regulatory related filing expenses, consulting and
sundry administrative costs. The increase is due to increased expenses incurred
in pursuing potential opportunities to enhance shareholder value.
The Corporation incurred interest and bank charges of $274 for the three months
ended May 31, 2009 as compared to interest expense of $872 for the same period
last year. The decrease was largely due to decreased interest rates 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
three months ended May 31, 2009 was $11,295 as compared to a loss before special
items of $24,554 for the same period last year. The Corporation incurred special
items expense of $nil for the three month period ended May 31, 2009 as compared
to $nil for the same period last year. As a result of the foregoing factors, the
loss for the three months ended May 31, 2009 was $11,295 as compared to a loss
of $24,554 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.
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