ROAD TOWN, Tortola, British Virgin Islands, Feb. 28 /CNW/ - CIC Energy
Corp. ("CIC Energy" or the "Company")(TSX:ELC) (BSE: CIC Energy)
reported a net loss for the year ended November 30, 2010 of $11,179,777
or $0.21 per share (basic and diluted), as compared to a loss of
$5,655,181 or $0.11 per share (basic and diluted), for the year ended
November 30, 2009.
The higher net loss year over year was primarily due to reduced interest
received on lower cash balances. In addition, there was a negative
foreign exchange impact due to the strengthening of the South African
Rand and the Botswana Pula in 2010, compared to a positive foreign
exchange impact in 2009. As well, an increase in corporate expenses in
2010, including staff severance costs that occurred at the beginning of
the year, contributed to the change year over year.
Capitalized project costs amounted to $175,185,200 to date, with
capitalized project costs for the year ended November 30, 2010 totaling
Consolidated Audited Financial Statements for the year ended November
30, 2010 together with the related Management's Discussion and Analysis
("MD&A") dated February 28, 2011, have been filed on SEDAR and are
available at www.sedar.com.
SOURCE CIC Energy Corp.
For further information:
For additional information on CIC Energy and its projects visit the Company's website at www.cicenergy.com or contact:
Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243