HALIFAX, July 27, 2016 /CNW/ - AQUARIUS COATINGS INC. (AQC.H – TSX-V NEX) (the "Corporation") today reports the results of operations for the three months and the year ended March 31, 2016. All amounts referenced herein are in Canadian dollars.
Net income from continuing operations for the three months was $190,965 ($0.00 per share) compared to a loss of $7,815 ($0.00 per share) for the three months ended March 31, 2015.
The Corporation recorded net income from continuing operations of $162,530 ($0.00 per share) in the year ended March 31, 2016 compared to a loss of $25,482 ($0.00 per share) in the prior year.
The results for the current three month and twelve month periods include a gain on settlement of debt in the amount of $200,000 resulting from the write-off of a note payable in a subsidiary. There were no such items in the comparable periods in the prior year.
In the prior year the Corporation recorded net loss from discontinued operations of $5,955 ($0.00) for the three months and a net loss of $215,990 ($0.00 per share) for the year ended March 31, 2015 there were no transactions from discontinued operations in current three month and twelve month periods.
The Corporation has filed its consolidated financial statements and management discussion and analysis for the year ended March 31, 2016. Both are available under the Corporation's profile on SEDAR at www.sedar.com
The Company's shares are listed on the NEX Board of the TSX-V but are currently suspended from trading. As noted in its Press Release dated July 22, 2016, the Company will be convening an Annual and Special Meeting to consider a number of matters, including the acquisition of Surgical Lasers Inc.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation's sales strategies.
SOURCE Aquarius Coatings Inc.
For further information: Lorne S MacFarlane, Chief Financial Officer, (902) 496-7594, Email: [email protected]