MONTREAL, Aug. 21 /CNW Telbec/ - Investus Real Estate Inc. (TSX Venture:
IVT), a real estate company investing in industrial properties in primary and
secondary markets mainly in Eastern Canada, released today its unaudited
financial results for the second quarter ended June 30, 2008.
Results from operations are as follows:
3 months ended June 30 Cumulative June 30
2008 2007 2008 2007
(6 months) (120 days)
Rental revenue from
Properties $365,945 - $574,602 -
Other revenues $15,230 $10,637 $64,024 $12,179
Net loss $(302,052) $(163,901) $(524,850) $(162,359)
Funds from operations $(168,796) - $(319,453) -
Investus was not operational in the first two quarters of fiscal 2007 and
therefore did not have any rental revenue.
The net loss of $302,052 ($ 0.010 loss per share) for the period compares
to a loss of $163,901 ($ 0.014 loss per share) for the corresponding period in
the previous year.
Revenue generated from income producing properties totalled $365,945 for
the 3 month period ended June 30, 2008 and $574,602 for the 6 month period
ended on that date. Rental revenue includes the Brockville property from
January 1, 2008 and the Longueuil, Halifax and Winnipeg properties from
January 23, 2008, February 29, 2008 and April 7, 2008 respectively. On an
annualized basis, rental revenue from the four properties presently owned
Expenses for the period amounted to $338,837 as compared to $39,538 for
the equivalent period in fiscal 2007. They include principally salary
expenses, legal and accounting fees, office space rent, D&O and commercial
insurance expense, as well as public company related costs.
"In looking ahead, we will continue to adopt a long-term perspective and
be disciplined in our approach to raising equity" noted Robert Berger,
President and Chief Executive Officer, "With the active involvement of
Frederic Muller our new Vice-President, Acquisitions we will continue to
identify properties that meet our investment criteria."
This press release contains forward-looking statements. Forward-looking
statements are subject to risk, uncertainties and assumptions. Although the
Directors of Investus Real Estate Inc. believe that the expectations
represented in such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. Some of the factors
and risks which could affect future results and could cause results to differ
materially from those expressed in the forward-looking statements contained
herein include the impact of general economic conditions, industry conditions,
governmental regulation, environmental risk, competition from other industry
participants, stock market volatility, the ability to access sufficient
capital from internal and external sources and the risk of fluctuation and
variation in actual operating results, which variation may be material. A full
description of these risk factors can be found in the Capital Wapiti Inc.
final prospectus dated April 5, 2007 and the Filing Statement dated October
15, 2007 which are available electronically at www.sedar.com under Investus
Real Estate Inc., the new company name.
The forward-looking statements contained herein are expressly qualified
in their entirety by this cautionary statement. The forward-looking statements
included herein are made as of the date hereof and Investus Real Estate Inc.
does not undertake any obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or otherwise.
About Investus Real Estate Inc.
Investus is a Canadian corporation that invests in industrial properties
in primary and secondary markets mainly in Eastern Canada. The Corporation
owns four properties exceeding 199,000 sq. ft and purchased for a total of
$17.2 million. Additional information on the Corporation is available on the
new web site www.investus.ca and on the SEDAR website at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for adequacy or
accuracy of this press release.
For further information:
For further information: Mr. Robert Berger, President and Chief
Executive Officer, Investus Real Estate Inc., (514) 868-9550 ext 222,
firstname.lastname@example.org; Mr. Serge Beaudet, Chief Financial Officer and Secretary,
Investus Real Estate Inc., (514) 868-9550 ext 223, email@example.com