Santa Rosa Resources Corp (formerly Monexa Technologies Corp) Reports Q2 2012 Operating Results
August 24 2012 - 8:49PM
PR Newswire (Canada)
VANCOUVER, Aug. 28, 2012 /CNW/ - Santa Rosa Resources Corp. (the
"Company") (TSX-Venture: STR.H) today announced its Q2 quarterly
results for the period ended June 30, 2012. The financial
statements were prepared in accordance with International Financial
Reporting Standards. As previously reported, the Company sold its
operation subsidiary Monexa Services Inc on March 31, 2012.
IFRS 5 accounting procedures for Non-Current Assets held for Sale
and Discontinued Operations requires the subsidiary operating
revenue and expenses that were sold to be netted (Revenue less
Direct costs less Operating expenses) and this net operating loss
for the quarter to be reflected in a single line item "Discontinued
Operations" within the Consolidated Statements of Loss and
Comprehensive Loss. Accordingly the revenue generated, direct costs
incurred and operating costs incurred by the operating subsidiary
are not reflected in the normal manner within the financial
statements. The operating costs as reported are those
of Santa Rosa Resources Corp. For the three months ended June 30,
2012 the net loss before extraordinary items and discontinued
operations was $35,475 compared with a loss of $142,442 for the
same period in 2011. The net loss and comprehensive loss was
$35,475 compared to a net loss and comprehensive loss for the
comparable prior year period of $348,219. For further details
of the transaction please refer to Notes 2 and 4 of the Financial
Statements for the period ended June 30, 2012. For the six months
ended June 30, 2012 the net loss before extraordinary items and
discontinued operations was $136,311 compared with a loss of
$249,178 for the same period in 2011. The net loss and
comprehensive loss was $453,547 compared to a net loss and
comprehensive loss for the comparable prior year period of
$635,121. For further details of the transaction please refer
to Notes 2 and 4 of the Financial Statements for the period ended
June 30, 2012 David Roberts, President and CEO said, "Following the
sale of the operating company Santa Rosa Resources Corp is
exploring business opportunities and strategic
alternatives. Due to the softening of the junior mining
sector, the market for shell companies is not as active as it has
been in past years. We believe that this market will
strengthen in due course and are taking steps to conserve cash".
Garth Albright, CFO said "The Company has cut its operating costs
and is looking to further reduce expenditures". 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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