TORONTO, April 28 /CNW/ - TriNorth Capital Inc. ("Trinorth") (TSX: TRT)
announced its audited financial results for the year ended December 31, 2008.
During the year, Trinorth experienced a net loss of $11.6 million or
$0.077 per common share. The net loss was primarily due to realized losses of
$2.5 million on MagMinerals Holding Corp. and $5.3 million of write downs on
private companies held in the portfolio. Trinorth had cash and cash
equivalents of $3.9 million at the end of the year.
TriNorth's audited financial statements and Management's Discussion and
Analysis for the year ended December 31, 2008 are available on the SEDAR
website at www.sedar.com
In 2009, Trinorth will focus on supporting existing investments and
ensuring they are sufficiently capitalized to execute on their business plans
in the current economic environment. An update on the portfolio holdings will
be provided in the coming days by the Manager, to be followed by a conference
TriNorth is a Canadian-based investment company that invests in a
diversified portfolio of companies to generate long-term capital growth for
shareholders. TriNorth takes an active interest in its investee companies from
the earliest stages, providing strategic and financial counsel, support and
direction to assist in their growth and success. TriNorth's investment
strategy includes structuring and initiating deals focused on particular
resources, themes or regions as well as launching the development of
businesses in select industries by providing assistance with the hiring of
management teams, providing seed capital and facilitating IPOs. All investment
activities of TriNorth are managed by Lawrence Asset Management Inc, a leading
Canadian alternative investment asset manager.
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking information"
within the meaning of Canadian securities law. Such forward-looking
information may be identified by words such as "plans", "proposes",
"estimates", "intends", "expects", "believes", "may", "will" and include
without limitation, statements regarding the stated use of proceeds; plan of
operations and comparative advantages; and benefits of this investment. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such statements.
Factors that could cause actual results to differ materially include, among
others, regulatory risks, risks inherent in foreign operations, commodity
prices, competition, and investments having no history of operations. Most of
these factors are outside the control of the Company. Investors are cautioned
not to put undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the Company
expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information, future
events or otherwise.
For further information:
For further information: (416) 362-6283, Catherine Stretch, Lawrence
Asset Management Inc., Toronto, Canada, firstname.lastname@example.org,