TORONTO, Aug. 13 /CNW/ - GT Canada Medical Properties Inc. (the "Company") is pleased to announce its financial results for the quarter ended June 30, 2010.
- Subsequent to the end of Q2 2010, on August 4, 2010, the Company
completed a private placement and issued 1,000,000 common shares at a
price of $0.27 per share for total gross proceeds of $270,000. These
common shares are subject to a four-month hold period expiring
December 5, 2010. The net proceeds of approximately $257,858 from
this private placement are for expanding the acquisition pipeline,
conducting due diligence and general working capital.
- For the three month period ended June 30, 2010, the Company had
property rental revenues of $143,439. There were no such comparable
revenues in Q1 of 2009.
- For the three month period ended June 30, 2010, the Company had a net
loss of $275,352 or $.0139 per share basic. For the same period of
2009, the Company had a net loss of $607,039, or $0.2428 per share
basic. The net loss in 2010 was largely a result of a charge of
$88,382 for professional fees and general and administrative and
travel costs of $168,673 for the three month period ended June 30,
2010. The professional fees of $88,382 relate to corporate
activities. The G&A and related costs are being incurred to enable
the company to build its acquisition pipeline and be in a position to
execute its business plan.
With its qualifying transaction complete, the Company is focusing on achieving its goal of becoming a significant owner of medical office properties throughout Canada through acquisition, aimed at creating a geographically diversified portfolio of high quality income producing properties.
2010 Q2 Financial Results
For the complete second quarter 2010 Management's Discussion and Analysis and Financial Statements, please visit www.sedar.com
GT Canada Medical Properties Inc.
As Canada's first publicly-traded company focused exclusively on medical office properties, the Company's goal will be to increase shareholder value by becoming the leading owner of these assets in Canada through an aggressive acquisition and development program aimed at creating a geographically diversified portfolio of high quality properties that will generate stable and growing rental income and capital appreciation opportunities.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements.
SOURCE GT CANADA MEDICAL PROPERTIES INC.
For further information: For further information: Andrew I. Shapack, Chief Executive Officer, (416) 572-2170