ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, April 6 /CNW/ - CIC Energy
Corp. ("CIC Energy" or the "Company") (TSX:ELC) (BSE: CIC Energy)
reported a net loss for the three month period ended February 28, 2011
of $5,557,093 or $0.11 per share (basic and diluted), compared to a net
loss of $3,265,322 or $0.06 per share (basic and diluted) for the same
period last year.
The higher year over year change in net loss for the first quarter is
primarily due to an increase in advisory costs associated with the
proposed acquisition of CIC Energy by JSW Energy Ltd and an increase in
personnel costs that were not capitalized.
Capitalized project costs amounted to $176,078,744 to date, with
capitalized project costs for the quarter ended February 28, 2011
Consolidated Interim Financial Statements for the three months ended
February 28, 2011, along with the Company's Management's Discussion and
Analysis ("MD&A"), have been filed on SEDAR and are available at www.sedar.com.
SOURCE CIC Energy Corp.
For further information:
For additional information on CIC Energy and its projects visit the Company's website at www.cicenergy.com or contact:
Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243