TORONTO, April 11 /CNW/ - Look Communications Inc. ("Look" or the
"Corporation") (TSX Venture: LOK and LOK.A) today reported its
operating and financial results for the second quarter of fiscal 2011,
ended February 28, 2011.
Recent operating and financial highlights:
Cash and cash equivalents and short-term investments at February 28,
2011 totalled $25.8 million, which represents a decrease of $1.5
million from August 31, 2010. This decrease is due primarily to the
Corporation's losses from ongoing operations;
Operating expenses for the quarter ended February 28, 2011 totalled $1.0
million, a decrease of $0.8 million or 44.4% from the $1.8 million
incurred during quarter ended February 28, 2010; and
The net loss for the quarter ended February 28, 2011 was $0.9 million,
or a basic loss per share of $0.01.
On February 3, 2011, the Corporation received notice from the TSX
Venture Exchange (the "Exchange") that, in accordance with its
Continued Listing Requirements outlined in Exchange Policy 2.5, it
would appear that the Corporation no longer meets the tests related to
having a significant interest in a business or primary asset used to
carry on business. The Corporation therefore expects that the Exchange
will issue a bulletin advising that the Corporation will move from Tier
1 to Tier 2 and the Corporation may be provided notice to transfer its
listing to the NEX.
The Corporation continues to pursue opportunities to realize value from
its tax attributes. The Corporation's remaining tax attributes of
approximately $188,444 may be utilized by the Corporation in its future
operations, or may be utilized by a potential acquirer to offset
income, provided certain tests are satisfied including those related to
change in control.
For further information on Look's financial results, please review the
Corporation's interim unaudited consolidated financial statements and
management's discussion and analysis of financial condition and results
of operations for the six months ended February 28, 2011 and 2010 as
well as the Corporation's annual audited consolidated financial
statements and management's discussion and analysis of financial
condition and results of operations for the years ended August 31, 2010
About Look Communications Inc.
Look's shares are listed on the TSX Venture Exchange under the symbols
"LOK" for Multiple Voting Shares and "LOK.A" for Subordinate Voting
Shares. Look's website may be found at www.look.ca.
The corporate information contained in this release includes
forward-looking statements regarding future events and the future
performance of Look that involve risks and uncertainties that could
cause actual results to differ materially. Assumptions used in the
preparation of such information, although considered reasonable by Look
at the time of preparation, may prove to be incorrect. The actual
results achieved may vary from the information provided herein and the
variations may be material. Consequently, there is no representation by
Look that actual results achieved will be the same in whole or in part
as those forecast.
Neither the 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.
SOURCE Look Communications Inc.
For further information:
Grant McCutcheon, Director