REGINA, Nov. 27, 2013 /CNW/ - Input Capital Corp. ("Input" or the
"Company") (TSX Venture Exchange: INP) announces its unaudited results
for the second quarter ended September 30, 2013. All figures are
presented in Canadian dollars unless otherwise noted.
SECOND QUARTER HIGHLIGHTS:
Input completed a reverse asset acquisition of WB II Acquisition Corp.
("WB II"), ultimately leading to Input becoming publicly traded on
the TSX Venture Exchange, under the symbol "INP".
Input announced the appointment of David A. Brown, QC, Dr. Lorne
Hepworth and David H. Laidley, FCPA, FCA, to its Board of Directors.
Invested $1.8 million into new multi-year canola streaming contracts
("Streaming Contracts"), bringing total canola interests at the end of
the quarter to $18.1 million.
According to the Final Crop Report published by Saskatchewan Agriculture
on October 24, 2013, the average yield for canola across Saskatchewan
this year is 36% higher than the 10-year average (2003 to 2012), at 38
bushels per acre (a record). The Final Crop Report also reported that
99% of the 2013 crop had been harvested at that time.
With harvest completed subsequent to quarter end, Input expects to
recognize its first revenues over the next two fiscal quarters. The
Company expects its normal pattern will see revenue recognized
primarily during its third and fourth fiscal quarters (October - March)
of each year.
As a result of good crop results, the Company also expects to receive a
yet-to-be-established number of bonus tonnes of canola this year. The
Company is in the process of determining bonus tonnes for the year.
Input finished the quarter with:
Cash and cash equivalents of $766,942;
Total canola interests of $18.1 million (current portion and long-term
10 Streaming Contracts calling for 17,152 base tonnes of canola to the
delivered to the Company in the current fiscal year at an average price
of $79.05; and
Input President and CEO Doug Emsley said, "We are pleased with the
progress of our company to date. In less than a year, we've grown to a
market capitalization of approximately $100 million, signed 10
multi-year canola streaming deals, gone public, and completed a bought
deal financing. Now we are about to recognize our first revenue and
complete our first crop year. There is no doubt we've had an exciting
year, and with over $40 million in the bank, there is so much we can do
in the next twelve months."
This earnings release should be read in conjunction with Input's
Management's Discussion and Analysis ("MD&A") and unaudited Financial
Statements, which are available on the Company's website at www.inputcapital.com and have been posted on SEDAR at www.sedar.com.
Webcast and Conference Call Details
A conference call will be held on Thursday, November 28, 2013 starting
at 9:30 am Saskatchewan time (10:30 am Eastern time) to further discuss
the second quarter results. To participate in the conference call use
the following dial-in number:
Participant Dial in #: (888) 231-8191 (North America Toll Free)
Webcast URL: http://www.newswire.ca/en/webcast/detail/1255891/1384185
It is recommended that participants dial in five minutes prior to the
commencement of the conference call. Soon after the completion of the
call, the webcast will be available for download on the Input Capital
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Input is an agriculture commodity streaming company with a focus on
canola, the largest and most profitable crop in Canadian agriculture.
Input enters into multi-year canola Streaming Contracts with canola
farmers in western Canada. Pursuant to the Streaming Contract, Input
purchases a fixed portion of the canola produced, at a fixed price, for
the duration of the term of the contract. Input is a non-operating
farming company with a portfolio of ten canola streams, all of which
produce canola and revenue for Input in the year the agreement is
signed. Input plans to grow and diversify its low cost canola
production profile through entering into additional canola Streaming
Contracts with farmers across western Canada.
Input is focused on farmers with quality production profiles, excellent
upside yield potential, and strong management teams. Input has
completed canola Streaming Contracts in Northern Alberta, Western
Saskatchewan and throughout East Central Saskatchewan.
Forward Looking Statements
This release includes forward-looking statements regarding Input and its
business. Such statements are based on the current expectations and
views of future events of Input's management. In some cases the
forward-looking statements can be identified by words or phrases such
as "may", "will", "expect", "plan", "anticipate", "intend",
"potential", "estimate", "believe" or the negative of these terms, or
other similar expressions intended to identify forward-looking
statements. The forward-looking events and circumstances discussed in
this release may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting Input,
including risks regarding the agricultural industry, economic factors
and the equity markets generally and many other factors beyond the
control of Input. No forward-looking statement can be guaranteed.
Forward-looking statements and information by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or
achievements, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statement or information. Accordingly, readers
should not place undue reliance on any forward-looking statements or
information. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Input undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE: Input Capital Corp.
For further information:
Chairman, CEO & President
Executive Vice-President, CFO & Director