Attwell was created on
Operating highlights for third quarter of 2009 - Extensive consultation with legal and financial advisors on the most efficient method for returning cash to its shareholders; - Management continued to review opportunities for the sale of the public entity; and - Attwell had $1,799,748 in cash and short-term investments, and working capital of $2,053,393, as at September 30, 2009.
"The Management of Attwell remains firmly committed to the goals of returning cash to the shareholders and executing a sale of our public entity", said Avi Grewal, President and CEO of Attwell. "The amount to be returned to the shareholders will be dependent upon the assessment received from the CRA upon completion of their SRED audit. We anticipate this process to be completed shortly and the cash to be returned to shareholders within six months."
Financial review
For the three months ended
Additional information relating to the Company, including detailed financial statements and the MD&A, can be found on SEDAR at www.sedar.com under Attwell Capital Inc.'s company profile (in respect of documents filed on or after
A full description of the terms of the Arrangement is provided in the information circular of Fralex dated
Certain statements contained in this release containing words like "believe", "intend", "may", "expect", and other similar expressions, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the Company's forward-looking statements include the following: legal product liability and availability of insurance; risks related to the arrangement including but not limited to post-arrangement tax indemnification of the Company and Baylis; dependence on key personnel and other risk factors identified from time to time in the Company's filings.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release. Attwell Capital Inc. Interim Balance Sheets Unaudited ------------------------------------------------------------------------- September December 30, 2009 31, 2008 $ $ -------------------------- Assets Current assets Cash 49,240 184,064 Short-term investments 1,750,508 3,566,280 Investment tax credits receivable 305,534 290,000 Receivables - other 10,783 35,089 Prepaid expenses and deposits 18,929 31,563 -------------------------- 2,134,994 4,106,996 Property and equipment 3,596 35,579 -------------------------- 2,138,590 4,142,575 -------------------------- -------------------------- Liabilities Current liabilities Accounts payable and accrued liabilities 81,601 1,356,096 -------------------------- Shareholders' equity Share capital 15,292,513 18,030,787 Warrants - 1,064,777 Other equity 4,340,944 584,068 Deficit (17,592,222) (17,078,991) Accumulated other comprehensive income 15,754 185,838 -------------------------- 2,056,989 2,786,479 -------------------------- 2,138,590 4,142,575 -------------------------- -------------------------- Attwell Capital Inc. Interim Statements of Operations and Comprehensive Loss Unaudited ------------------------------------------------------------------------- Three months ended Nine months ended September 30, September 30, 2009 2008 2009 2008 $ $ $ $ ------------------------------------------------ Expenses Research and development - 1,201,185 250,091 3,783,184 General and administrative 177,047 306,599 1,293,778 1,028,892 Stock-based compensation - 77,181 183,963 201,077 Amortization 1,685 9,868 13,506 40,662 Write-down of property and equipment - - 17,502 - Gain on sale of assets - - (900,000) - Foreign exchange gain (15,643) (261) (154,389) (83,072) ------------------------------------------------ Loss before the undernoted 163,089 1,594,572 704,451 4,970,743 Interest income - net 1,348 36,540 12,871 169,101 ------------------------------------------------ Loss before income taxes 161,741 1,558,032 691,580 4,801,642 Income tax recovery - - (178,350) - ------------------------------------------------ Loss for the period 161,741 1,558,032 513,230 4,801,642 ------------------------------------------------ ------------------------------------------------ Other comprehensive loss (income) Unrealized loss (income) on available-for-sale short-term investments 18,309 (78,567) 206,703 (65,062) ------------------------------------------------ Comprehensive loss for the period 180,050 1,479,465 719,933 4,736,580 ------------------------------------------------ ------------------------------------------------ Basic and diluted loss per Common Share (0.01) (0.07) (0.02) (0.22) ------------------------------------------------ ------------------------------------------------
For further information: Avi Grewal, President and Chief Executive Officer, Attwell Capital Inc., (416) 213-8118 ext. 210, [email protected]
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