EDMONTON, May 28, 2013 /CNW/ - Medwell Capital Corp. (TSXV: MWC) today
announced financial and operational results for the first quarter ended
March 31, 2013.
Net loss from continuing operations of $348,000 for the quarter, before
unrealized investment loss of $236,000 and realized investment loss of
Unrealized losses were largely due to the continued write down in the
value of Spectral warrants due to expire on March 2, 2014
Realized losses were offset in part by gains in previous periods from
"We are pleased that our investments and past cost cutting measures
continue to demonstrate progress," said Kevin Giese, President and CEO
of Medwell. "We note that unrealized losses again have been largely
impacted by a write down in the value of Spectral warrants, which are
due to expire in March 2014."
The consolidated net loss from continuing operations of the Corporation
for the three months ended March 31, 2013 was $736,000 or $0.10 per
share, compared with a consolidated net loss from continuing operations
of $1.8 million or $0.40 per share for the same period in the previous
year. The net loss for the quarter was $348,000 before an unrealized
investment loss of $236,000 and realized investment loss of $152,000.
At March 31, 2013 cash and cash equivalents, and restricted cash totaled
$7.3 million as compared to $7.9 million at December 31, 2012. At
March 31, 2013 the Corporation had working capital of $6.9 million as
compared to $7.4 million at December 31, 2012. The Corporation has
sufficient working capital to meet its obligations as they come due.
As at March 31, 2013 there were 7,270,071 common shares of the Company
issued and outstanding.
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based investment and advisory firm.
For further information please visit www.medwellcapital.com.
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.
This press release may contain forward-looking statements, which
reflect the Company's current expectation regarding future events.
These forward-looking statements involve risks and uncertainties that
may cause actual results, events or developments to be materially
different from any future results, events or developments expressed or
implied by such forward-looking statements. Such factors include, but
are not limited to, changing market conditions, the successful and
timely completion of clinical studies, the establishment of corporate
alliances, the impact of competitive products and pricing, new product
development, uncertainties related to the regulatory approval process
and other risks detailed from time to time in the Corporation's ongoing
quarterly and annual reporting. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
SOURCE: Medwell Capital Corp.
For further information:
Medwell Capital Corp.
416-815-0700 ext. 238