Humboldt reports loss along with significant liquidity for the year ended December 31, 2008



    CALGARY, April 21 /CNW/ - Humboldt Capital Corporation (TSX-V: HMB) -
Humboldt Capital Corporation today reported a substantial loss for the year
ended December 31, 2008, as a result of an ongoing deterioration of the value
of its energy portfolio. The continued weakness of prices of oil and gas
companies, especially those weighted to natural gas, as well as a number of
junior companies in which Humboldt has major holdings, resulting in the loss
for the year.
    Since the first quarter of 2007, Humboldt has reported to its
shareholders that the management was concerned with the outlook for the US
economy and commodity related companies. Consequently Humboldt, since then,
has steadily liquidated a significant portion of its holdings, and at December
31, 2008 held cash and equivalents of $21.9 million, compared with $9.5
million in 2007 and $780,000 in 2006. At year end, this liquidity represented
65% of the Company's asset value, or $1.78 per share.
    At December 31, 2008, Humboldt's net asset value totaled $33.7 million
after tax, or $2.75 per share compared with $56.4 million, or $4.42 per share
a year earlier.

    
                                                  Year Ended December 31
                                            ---------------------------------
    (Thousands, except per share amounts)     2008         2007         2006
    -------------------------------------------------------------------------
    Loss                                 $ (22,486)   $ (14,575)   $ (11,964)
    Loss per share, diluted              $   (1.84)   $   (1.18)   $   (0.94)

    Share capital                        $   2,047    $   2,072    $   2,056
    Retained earnings                    $  30,281    $  53,110    $  67,798
    Shareholder's equity                 $  33,669    $  56,397    $  70,529

    Cash and cash equivalents            $  21,867    $   9,458    $     780

    Shares outstanding                      12,201       12,350       12,381
    Net asset value per share, diluted   $    2.75    $    4.42    $    5.47
    -------------------------------------------------------------------------
    

    SEDAR Filings

    Further information regarding financial and operating results may be
obtained at www.sedar.com, where the Company's MD&A and financial statements
will be filed this week.

    Forward-looking statements - the press release today contains
"forward-looking" information. Actual results could differ materially from the
conclusions, forecasts or projections in the forward-looking information.
Certain material factors and assumptions were applied in drawing the
conclusions or making the forecasts or projections as reflected in the
forward-looking information. Additional information about the material factors
that could cause actual results to differ materially from the conclusion,
forecast or projection in the forward-looking information and the material
factors or assumptions that were applied in drawing the conclusion or making
the forecast or projection as reflected in the forward-looking information is
contained in the press release.

    
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
    





For further information:

For further information: R.W. Lamond, Chairman of the Board, or C.A.
(Tony) Teare, Executive Vice President, HUMBOLDT CAPITAL CORPORATION,
Telephone: (403) 269-9889, Fax: (403) 269-9890, TSX-V: HMB

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HUMBOLDT CAPITAL CORPORATION

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