TSX Venture Exchange: ESC
TORONTO, Dec. 11 /CNW/ - Electric-Spin Corporation ("Electric-Spin"), a
wholly-owned subsidiary of Electric-Spin Ltd. (TSX-V:ESC), has published on
www.sedar.com its audited financial results for the period July 1, 2007 to
October 4, 2007, the final period between the June 30, 2007 year-end for
Electric-Spin Corporation and the date of the Qualifying Transaction. These
statements are being filed in lieu of Electric-Spin Ltd.'s quarterly
statements for the period ending September 30, 2007 because Electric-Spin Ltd.
(formerly Park Avenue Investment Corporation) completed its Qualifying
Transaction with Electric-Spin on October 5, 2007.
The Annual Financial Statements of Electric-Spin Corp., as at June 30,
07, were filed on www.sedar.com on October 29, 2007.
The financial results for the period from July 1, 2007 to October 4, 2007
include the following:
- The revenues increased marginally relative to the comparative
three-month period ended September 30, 2006, to $120,481 from
- Gross Margin declined to $21,384 from $33,676 relative to the
comparative period, mainly due to higher manufacturing costs
- Operating expenses increased to $350,005 from $101,092 resulting in a
loss of $328,621, compared with a loss of $67,416 in the comparative
period. This increase is primarily the result of the company ramping
up its operations to take advantage of significant opportunities it
foresees in 2008.
The Qualifying Transaction has provided the company with additional funds
to accelerate its business plan. Management is pleased with the progress that
has been made on multiple fronts and the Company looks forward to making
announcements in due course.
About Electric-Spin Corporation
Electric-Spin Ltd., a Woodbridge, Ontario company, has become a leader in
home golf simulation, with products sold under its brand name, Golf Launchpad.
The Golf Launchpad for the PC/Mac was first introduced at the Electronics
Entertainment Expo (E3) in May, 2004. In January, 2006, Electric-Spin's second
product, Golf Launchpad for the PS2, introduced at the Consumer Electronics
Show in Las Vegas, won the CES Innovations Award in its class. On January 2nd,
2007, at this year's Consumer Electronics Show, Electric-Spin in partnership
with NDS Ltd., a subsidiary of News Corp., introduced an XTV application of
Golf Launchpad that enables users to plug Golf Launchpad into a set-top box,
and play along with their favorite golfers during televised tournaments. This
service is anticipated to be commercially available in 2008. Electric-Spin is
focused on becoming the worldwide leader in interactive sport simulation
Forward Looking Statements
This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
When used herein, words such as "intend", "may", "will", "should", "could",
"anticipate", "believe", "plan", "estimate", "potential", "expect" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements are based on assumptions by and information
available to Electric~Spin Corporation and Electric Spin Ltd. Investors are
cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements
include such risks and factors as are detailed from time to time in continuous
disclosure documents filed by Electric~Spin Corporation and Electric Spin Ltd.
with the Ontario Securities Commission and other regulatory authorities at
www.sedar.com. Actual results may differ materially from those currently
anticipated. Electric-Spin Corporation and Electric Spin Ltd. have no
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise
The Exchange does not accept responsibility for the adequacy or accuracy
of this release.
For further information:
For further information: Electric-Spin Ltd.: Anees Munshi, Chief
Executive Officer, (416) 410-1166