VANCOUVER, Nov. 28, 2012 /CNW/ - Santa Rosa Resources Corp.
(the "Company") (TSX-Venture: STR.H) today announced its Q3
quarterly results for the period ended September 30, 2012. The financial statements were
prepared in accordance with IAS 34.
For the three months ended September 30,
2012 the net loss before extraordinary items and
discontinued operations was $32,536
compared with a loss of $143,490 for
the same period in 2011. The net loss and comprehensive loss
was $32,536 compared to a net loss
and comprehensive loss for the comparable prior year period of
$323,203. For further details of the
transaction please refer to Notes 2 and 4 of the Financial
Statements for the period ended September
30, 2012.
For the nine months ended September 30,
2012 the net loss before extraordinary items and
discontinued operations was $168,846
compared with a loss of $392,669 for
the same period in 2011. The net loss and comprehensive loss
was $486,082 compared to a net loss
and comprehensive loss for the comparable prior year period of
$958,325. For further details
of the transaction please refer to Notes 2 and 4 of the Financial
Statements for the period ended September
30, 2012
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.
David Roberts, President and CEO
said, "At the recent Annual General Meeting shareholders approved a
10 for 1 stock consolidation. We believe that this change
will make it easier for the Company to pursue new business
opportunities. Currently there is less activity in the junior
capital market than in recent years so we are taking steps to
conserve the Company's cash."
Garth Albright, CFO said "We have
reduced operating expenditures to conserve cash while ensuring the
Company continues to comply with all of its regulatory and filing
requirements".
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.
SOURCE Santa Rosa Resources Corp.