VANCOUVER, May 28, 2014 /CNW/ - BENEV Capital Inc. (TSX VENTURE: BEV.H) (the "Company" or "BCI") today announced its financial results for the three months ended March 31, 2014. Since the Company's operating facility was sold on May 31, 2013, the revenue of the Company consists entirely of interest earned on investments. Net loss for the quarter was $0.39 million and the loss per share was $0.01 on a fully diluted basis. The Company continues to actively pursue a transformative transaction.
On May 6, 2014, John Bennett filed an appeal with the Ontario Court of Appeal of the recent Ontario Superior Court judgment which struck out his multi-million dollar counterclaim against the Company. While he has a right of appeal, BENEV believes that the grounds of appeal are entirely without merit. The decision of the Ontario Superior Court remains in force at this time, unless it is overturned on appeal.
A more detailed discussion is available in the Management Discussion and Analysis available on www.sedar.com and Unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2014 and 2013 available on www.sedar.com.
This report may contain forward-looking information that is subject to risks, uncertainties and assumptions. Such information represents our current views based on information as at the date of issuing this report. We do not intend to update this information and disclaim any legal obligation to the contrary.
Forward Looking Statements
Certain statements contained in this press release and in certain documents incorporated herein by reference may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of BENEV Capital Inc. to differ materially from those anticipated or implied in such forward-looking statements. BENEV Capital Inc. believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Given these uncertainties, readers are cautioned that forward-looking statements included in, or incorporated by reference into, this press release are not guarantees of future performance, and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date of this press release. BENEV Capital Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting BENEV Capital Inc. will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity, regulations (including those regarding importation of hazardous materials), and that there will be no unplanned material changes in its facilities, equipment, or customer or employee relations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
All of the forward-looking statements made in this Press Release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, BENEV Capital Inc.
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.
SOURCE: BENEV Capital Inc.
For further information: Sean Morrison, President and CEO, BENEV Capital Inc., (604) 235-3146