TORONTO, Sept. 1 /CNW/ - TriNorth Capital Inc. ("Trinorth") (TSX-V: TRT)
today announced its unaudited financial results for the three and six months
ended June 30, 2009.
During the second quarter, Trinorth experienced a net loss of $3.05
million compared to net income of $1.92 million in the second quarter of 2008.
The net loss was primarily due to decreases in the market value of public
securities and decreases in valuations of private companies, development
expenses related to Feronia, an agriculture business Trinorth has founded and
one-time legal and consulting fees relating to TriNorth's response to a proxy
challenge initiated by a dissident shareholder. Loss per common share was
$0.02 in the second quarter compared to net income of $0.013 during the second
quarter of 2008. Trinorth had cash and cash equivalents of $1.67 million at
the end of the second quarter.
For the six months ended June 30, 2009, Trinorth experienced a net loss
of $3.47 million compared to net income of $803,943 in the first half of 2008.
The net loss was primarily due to losses on dispositions and the above-noted
items. Net loss per common share was $0.023 for the first six months of 2009
compared to net income of $0.005 in the first half of 2008.
Total assets at June 30, 2009, stood at $9.15 million as compared to
$12.9 million at December 31, 2008.
During the first half of 2009, the Manager disposed of TriNorth's
holdings in Homeland Energy Group Ltd., MagIndustries Corp. and Day 4 Energy
Ltd. and provided support to holdings in its portfolio such as Russo Forest.
In terms of new developments, the Manager has focused its efforts on the early
stage development of an international agricultural company it has founded
called Feronia Inc. and is currently engaged in raising funds for Feronia
through a private placement with external investors.
The Manager will hold a conference call on Thursday, September 10th, 2009
at 11:00 a.m. to provide investors and their advisors with an update on the
activity in the investment portfolio to be followed by a question and answer
session. Call in details:
Dial in number: (416) 340-2217 / (866) 696-5910
TriNorth notes and expresses its sadness at the tragic accident that
claimed the life of Jack Lawrence, Chairman and CEO of Lawrence Asset
Management Inc. ("LAMI"), the Manager of TriNorth on August 3, 2009 and
expressed its confidence in the team Mr. Lawrence left behind at LAMI and
their ability to continue to fulfill LAMI's commitment to TriNorth.
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,