CALGARY, April 27 /CNW/ - NewNorth Projects Ltd. (NNP.TSXV) today
announced results for the year ending December 31, 2006.
Mr. Greg Herndier, President and Chief Executive Officer of NewNorth, is
pleased to report a pre-tax income of $1,370,000 for the year with sales of
Mr. Herndier, stated "our year to date results met management's
expectations and provide very positive results for our shareholders".
Projects in the year, include:
- The partial sale of NewNorth's interest in development land, located
near Airdrie, AB; realized a gross profit of $725,000.
- Sale of lands in Fort McMurray, AB through a partnership (in which
NewNorth holds a 40% interest) realized profits of approximately
$4 million. NewNorth's proportionate share of the profits was
- A condominium project in Fort McMurray, AB, comprised of residential
units over commercial space has successfully closed on 88% of the 32
residential units and 100% of the commercial space. This project was
developed through a partnership in which NewNorth has a 90% interest.
NewNorth's proportional profit, after acquisition cost, was
approximately $2 million.
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: Mr. Greg N. Herndier, Chief Executive Officer,
and Ms. Katherine Ayotte, Chief Financial Officer, at (403) 531-0280