CALGARY, Aug. 28 /CNW/ - NewNorth Projects Ltd. (NNP - TSXV) today
announced its financial results for the three months ending June 30, 2009.
Mr. Greg Herndier, President and Chief Executive Officer of NewNorth,
reports a net loss of $604,000. with a per share loss of $0.05 cents (basic
and diluted) for the first half of 2009.
In the period:
- NewNorth reduced its general and administrative costs by $392,000
(28%) from the same period in 2008.
- NewNorth is in a strong balance sheet position exceeding its
operating loan covenants. The debt to equity ratio at June 30, 2009
is 0.32:1. NewNorth has only $1,627,000 of long term debt (not
NewNorth is an integrated land and building development Corporation
operating in Alberta and the Northwest Territories.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: please contact Mr. Greg N. Herndier, Chief
Executive Officer or Mrs. Shannon Cook, Controller at (403) 531-0280