TORONTO, Aug. 15 /CNW/ - TriNorth Capital Inc. ("Trinorth") (TSX: TRT)
today announces its unaudited financial results for the three and six months
ended June 30, 2008.
During the second quarter, Trinorth generated net income of $1.9 million.
The net income was primarily due to net investment gains of $2.5 million
realized on the disposition of Trinorth's investment in Buchanan Renewable
Energies Inc. on April 18, 2008. Earnings per common share were $0.013.
Trinorth had cash and cash equivalents of $12.2 million at the end of the
For the six months ended June 30, 2008, Trinorth generated net income of
$0.8 million. The net income was primarily due to the above noted gain. Income
per common share was $0.005 for the first six months of 2008.
For the six months ended June 30, 2008, Trinorth made three new
- In January 2008, Trinorth invested $1.5 million for three million
units of Russo-Forest Corporation. Russo-Forest is a Russian based
forestry company focused on harvesting wood in Russia's northwest
where it has forestry leases on 664,000 hectares of standing timber.
- In April 2008, Trinorth invested $3 million in MagMinerals Potash
Corp., a subsidiary of MagIndustries Corp. MagMinerals has exclusive
rights to one of the largest carnalite deposits in the world located
in the Republic of Congo and is constructing a plant with potash
production due to commence in Q1 2011.
- In May 2008, Trinorth invested $2 million in Wild Horse Farms & Bio
Energy Corporation. Wild Horse is consolidating irrigated farmland
through leases and earn-in agreements around Lake Diefenbaker in
Saskatchewan to harvest wheat, canola and corn.
Total investments at June 30, 2008, stood at $11.4 million as compared to
$9.7 million as at December 31, 2007.
Trinorth is currently evaluating a number of new investment opportunities
and will be adding to the positions in the portfolio in the second half of
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, email@example.com,