CALGARY, May 26 /CNW/ - Aston Hill Financial Inc. (the "Company" or "Aston Hill") (TSXV: AHF) announces it has filed the unaudited interim consolidated financial statements for the period ended March 31, 2010 and related Management Discussion and Analysis with Canadian Securities Regulatory Authorities.
Recurring revenues for the first quarter of 2010 were approximately $1.66 million as compared to $0.77 million in the first quarter of 2009, representing a 115% year over year increase. As of March 31, 2010, Aston Hill had approximately $1.8 Billion in Assets Under Advisory and Management ("AUM") versus $770 million at March 31, 2009. As of May 21, 2010, AUM increased further to approximately $2.0 Billion. Despite the increase in AUM and quarterly revenues, Aston Hill had losses for the three months ending March 31, 2010 of $1.0 million. These losses were primarily due to the decrease in the valuation of Aston Hill's long term oil and gas investments resulting from the sharp downturn in commodity price futures since December 31, 2009.
The Company also gives notice that at the Annual General & Special Meeting of the Corporation held on May 25, 2010, the shareholders appointed the following persons to the Board of Directors:
- Mr. Andre Bineau (audit committee, governance, nomination &
- Mr. Ben Cheng;
- Dr. Eldon Smith (audit committee, governance, nomination &
- Mr. Eric Tremblay;
- Mr. Jean-Guy Lambert (audit committee);
- Mr. Scott Butler (governance, nomination & compensation committee);
- Mr. David Scandiffio (governance, nomination & compensation
At the Board of Directors Meeting following the annual meeting, the
following appointments were made:
- Eric Tremblay, Chief Executive Officer and Chairman of the Board;
- Ben Cheng, President;
- Larry Titley, Vice President and Chief Financial Officer;
- Joanne Hruska, Vice President, Portfolio Management;
- Derek Slemko, Vice President, Business Development and Controller;
- Theresa Devost, Corporate Secretary.
Aston Hill is an asset management company with expertise in income products, energy investments and oil and gas property management. Aston Hill has offices in Calgary and Toronto.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's annual financial statements and management discussion and analysis for the year ended December 31, 2009, both of which are available at www.sedar.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Aston Hill Financial Inc.
For further information: For further information: Eric Tremblay, Chief Executive Officer, Aston Hill Financial Inc., (403) 770-4817; Larry Titley, Vice President and CFO, Aston Hill Financial Inc., (403) 770-4808