TORONTO, May 30, 2013 /CNW/ - Penfold Capital Acquisition IV Corp.
("Penfold" or the "Company") (TSXV:SEL) reports that SLM Logistics
Corp. ("SLM") has released its unaudited condensed interim consolidated
financial statements for the three months and six months ended March
31, 2013 and the related management's discussion and analysis of
financial position and results of operations ("MD&A").
Effective May 8, 2013 Penfold completed its qualifying transaction by
acquiring the operations of SLM as outlined in the filing statement
dated April 25, 2013.
For the three months ended March 31, 2013, revenue increased 32% to
$703,000 from $532,000 in the prior year, while net income remained
flat at $8,000 compared to $10,000. For the six months ended March 31,
2013 revenue increased 22% to $1,460,000 from $1,199,000, while net
income was $43,000 compared to $16,000 in the prior year.
"With the completion of our go public process, SLM is now poised to
pursue acquisitions as well as continue our focus on organic growth",
said Vito Buffone, President and Chief Executive Officer. "We are
looking forward to a strong year of growth."
Copies of the unaudited financial statements and related MD&A can be
found on SEDAR at www.sedar.com.
In addition, the Company announces that Leslie Markow has resigned as
CFO of SLM. The Company would like to thank Leslie for all her hard
work and dedication during the go public process for SLM and wishes her
all the best. The Company has engaged Paul Haber to be the Interim
Chief Financial Officer. Paul Haber is a Chartered Accountant and has
served as the CFO of various TSX and TSXV listed companies. The
Company has granted 100,000 common share purchase warrants at a strike
price of $0.15 to Paul, the options vest immediately and have a life of
SLM was incorporated in Ontario in 2004 and is dedicated to managing
consumer and retail store returns of defective and problematic
electronics to product end of life management. SLM provides accountable
management of returns from receiving to end of life with quality
assurance testing, factory servicing of returns, resale of returns
through non traditional channels and recycling of non saleable product
to support a closed-loop, first-tier distribution process. SLM is
unique in that it is able to fully recycle the non saleable returns it
receives, thereby allowing customers' return processes to have a very
low environmental impact. SLM has had independent Waste Audit Reports
completed which show SLM is able to achieve waste diversion rates as
high as 99.7%. This means that companies working with SLM's processes
are able to divert as much as 99.7% of their product from landfill
sites. SLM is currently working on rolling out this product offering to
a number of retailers to allow them to better capture the
environmentally conscious consumer. SLM currently operates only in
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.
Forward looking information is typically identified by words such as:
believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future
results or performance, and that actual results may differ materially
from those in forward looking information as a result of various
factors, including, but not limited to: the state of the financial
markets for the Company's securities; the state of the resulting
issuer's industry in the event the Qualifying Transaction is completed;
recent market volatility; the Company's ability to raise the necessary
capital or to be fully able to implement its business strategies; and
other risks and factors that the Company is unaware of at this time.
The Company expressly disclaims any obligation to update any
forward-looking statements except as may be required by law.
SOURCE: Penfold Capital Acquisition IV Corporation
For further information:
Chief Executive Officer