Santa Rosa Resources Corp (formerly Monexa Technologies Corp) Reports 2011 Operating Results
April 27 2012 - 9:21AM
PR Newswire (Canada)
VANCOUVER, April 27, 2012 /CNW/ - Santa Rosa Resources Corp today
announced its quarterly and annual results for the period ended
December 31, 2011. The financial statements were prepared in
accordance with International Financial Reporting Standards. For
the year ended December 31, 2011 revenue of $3.16M was down 2% from
revenue from $3.23M reported in 2010. Net loss increased by
2% to $1.68M in 2011 compared to $1.68M in the previous year. For
the three months ended December 31, 2011, revenue totaled $810K, a
13% increase from $719K in the corresponding quarter in 2010.
This increase in revenue is from higher SaaS Revenue of $103K or
67%, offset by a decline in ISP revenue of $12K, or 2%.
The net loss for the quarter was $709K, a 13% increase from the
$628K loss incurred in Q4 2010. This increase is primarily
due to higher debt financing charges, legal transaction costs, and
product development personnel costs. David Roberts, President and
CEO said "On March 30, 2012, the shareholders of Santa Rosa
Resources Corp (formerly Monexa Technologies Corp) voted in favour
of the sale of the operating subsidiary Monexa Services Inc.
Shareholders also approved the name change to Santa Rosa Resources
Corp. We are now seeking a new business to vend into the
Company". Garth Albright, CFO said "Santa Rosa Resources Corp will
operate on a reduced scale as the Board of Directors and management
work to arrange a new business opportunity for the Company.
Following the sale of Monexa Services Inc, the debt, the accrued
interest payable on the debt, the preferred shares and the accrued
dividend payable to preferred shares have all been
paid. This has cleaned up the balance sheet to make the
Company suitable for a new business". Achievements in 2011 (before
the sale of Monexa Services Inc): -- Revenues of $3.16M for
the year ended December 31, 2011, represent a 2% decrease, or
$74.5K, from the $3.23M recognized for the year ended December 31,
2010. -- Gross margin increased to 62% in the current year, as
compared to 53% in 2010. -- Operating expenses increased by $69K to
$3.2M in 2011 vs. $3.1M for 2010. This was primarily driven by
increased expenditures on product development., legal costs in
respect to the transaction which were offset by a decrease in
marketing spending, -- Net loss of $1.68M increased by 2% over the
previous year's net loss of $1.64M. Subsequent Events: At the
Company's Annual General Meeting held on March 30, 2012 the
Shareholders approved a special resolution and a separate ordinary
resolution of disinterested shareholders approving a related party
transaction involving the sale of all of the shares help in the
capital of Monexa Services inc., a wholly-owned subsidiary of the
company, pursuant to a share purchase agreement dated February 17,
2012. On March 31, 2012 Monexa Technologies Corp. applied for and
received approval to change its name to Santa Rosa Resources Corp.
and began trading under the symbol STR. The quarterly and year-end
results, including the audited Consolidated Financial Statements
and Management Discussion and Analysis, are available at
www.sedar.com under Santa Rosa Resources Corp. Forward-Looking
Statements This news release contains forward-looking statements.
Actual events or results may differ materially from those described
in the forward-looking statements due to a number of risks and
uncertainties, including changes in financial and product market
conditions. Forward-looking statements are based on management's
estimates, beliefs, and opinions. The Company assumes no obligation
to update forward-looking statements, other than as may be required
by applicable law. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Santa Rosa Resources Corp. CONTACT:
Investor Contact: Garth Albright CFO D: 604.630.5657Investor
Relations ir@santarosaresources.com
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