EDMONTON, May 28, 2013 /CNW/ - Medwell Capital Corp. (TSXV: MWC) today announced financial and operational results for the first quarter ended March 31, 2013.
- Net loss from continuing operations of $348,000 for the quarter, before unrealized investment loss of $236,000 and realized investment loss of $152,000
- Unrealized losses were largely due to the continued write down in the value of Spectral warrants due to expire on March 2, 2014
- Realized losses were offset in part by gains in previous periods from similar investments
"We are pleased that our investments and past cost cutting measures continue to demonstrate progress," said Kevin Giese, President and CEO of Medwell. "We note that unrealized losses again have been largely impacted by a write down in the value of Spectral warrants, which are due to expire in March 2014."
The consolidated net loss from continuing operations of the Corporation for the three months ended March 31, 2013 was $736,000 or $0.10 per share, compared with a consolidated net loss from continuing operations of $1.8 million or $0.40 per share for the same period in the previous year. The net loss for the quarter was $348,000 before an unrealized investment loss of $236,000 and realized investment loss of $152,000.
At March 31, 2013 cash and cash equivalents, and restricted cash totaled $7.3 million as compared to $7.9 million at December 31, 2012. At March 31, 2013 the Corporation had working capital of $6.9 million as compared to $7.4 million at December 31, 2012. The Corporation has sufficient working capital to meet its obligations as they come due.
As at March 31, 2013 there were 7,270,071 common shares of the Company issued and outstanding.
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based investment and advisory firm. For further information please visit www.medwellcapital.com.
Neither 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 or accuracy of this release. This press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation's ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Medwell Capital Corp.
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