Santa Rosa Resources Corp (formerly Monexa Technologies Corp) Reports Q2 2012 Operating Results
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".
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.For further information:
Garth Albright CFO D: 604.630.5657
Investor Relations email@example.com