TORONTO, May 30, 2013 /CNW/ - Penfold Capital Acquisition IV Corp. ("Penfold" or the "Company") (TSXV:SEL) reports that SLM Logistics Corp. ("SLM") has released its unaudited condensed interim consolidated financial statements for the three months and six months ended March 31, 2013 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
Effective May 8, 2013 Penfold completed its qualifying transaction by acquiring the operations of SLM as outlined in the filing statement dated April 25, 2013.
For the three months ended March 31, 2013, revenue increased 32% to $703,000 from $532,000 in the prior year, while net income remained flat at $8,000 compared to $10,000. For the six months ended March 31, 2013 revenue increased 22% to $1,460,000 from $1,199,000, while net income was $43,000 compared to $16,000 in the prior year.
"With the completion of our go public process, SLM is now poised to pursue acquisitions as well as continue our focus on organic growth", said Vito Buffone, President and Chief Executive Officer. "We are looking forward to a strong year of growth."
Copies of the unaudited financial statements and related MD&A can be found on SEDAR at www.sedar.com.
In addition, the Company announces that Leslie Markow has resigned as CFO of SLM. The Company would like to thank Leslie for all her hard work and dedication during the go public process for SLM and wishes her all the best. The Company has engaged Paul Haber to be the Interim Chief Financial Officer. Paul Haber is a Chartered Accountant and has served as the CFO of various TSX and TSXV listed companies. The Company has granted 100,000 common share purchase warrants at a strike price of $0.15 to Paul, the options vest immediately and have a life of two years.
SLM was incorporated in Ontario in 2004 and is dedicated to managing consumer and retail store returns of defective and problematic electronics to product end of life management. SLM provides accountable management of returns from receiving to end of life with quality assurance testing, factory servicing of returns, resale of returns through non traditional channels and recycling of non saleable product to support a closed-loop, first-tier distribution process. SLM is unique in that it is able to fully recycle the non saleable returns it receives, thereby allowing customers' return processes to have a very low environmental impact. SLM has had independent Waste Audit Reports completed which show SLM is able to achieve waste diversion rates as high as 99.7%. This means that companies working with SLM's processes are able to divert as much as 99.7% of their product from landfill sites. SLM is currently working on rolling out this product offering to a number of retailers to allow them to better capture the environmentally conscious consumer. SLM currently operates only in Ontario.
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. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the resulting issuer's industry in the event the Qualifying Transaction is completed; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.
SOURCE: Penfold Capital Acquisition IV Corporation
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