Pyxis Capital - Year end results and dividends

    TORONTO, Dec. 14 /CNW/ - Pyxis announced today that net income for the
year ended September 30, 2007 was $113.8 million ($1.11 per share) compared to
$24.4 million ($0.22 per share) for the six months ended September 30, 2006.
The increase reflects results for twelve months compared to six months in 2006
and increased realized gains on the monetization of the Company's long-term
investment portfolio.
    The Company also announced that given recent unsettled market conditions
it has further monetized a portion of its long-term investment portfolio and
it intends to return cash to its shareholders through a special dividend of
$0.60 per Common (PYX) and Non-voting (PYX.A) share. The Company also declared
a regular dividend of $0.2576 per Dividend share (PYX.E). The dividends will
be paid on December 31, 2007 to holders of record on December 28, 2007.
    The Company estimates that after paying these dividends the net asset
value of the Common (PYX) and Non-voting (PYX.A) shares is approximately $0.28
per Common and Non-voting share. The Company's current intention is to
monetize its long-term and other assets and to distribute its remaining net
assets via further cash dividends to shareholders over an estimated 18-24
month period subject to the timing of investment dispositions, the receiving
of requisite approvals and/or regulatory clearances. The return of net assets
to shareholders may not be completed within the indicated time frame and may
be greater or less than the estimated net asset value depending on transition
costs, market conditions, taxes or other costs or expenses that may be
incurred. During the intervening period, the Company intends to invest
primarily in treasury bills.
    Pyxis' shares are listed on the TSX under the symbols PYX, PYX.A and

    This press release includes certain forward looking statements including
management's assessment of the Company's future plans and operations based on
current views and expectations. All statements other than statements of
historic facts are forward looking statements. These statements contain
substantial known and unknown risks and uncertainties, some of which are
beyond the Company's control. The Company's actual results, performance or
achievement could differ materially from those expressed in, or implied by,
these forward looking statements. Readers should not place undue reliance on
these forward looking statements which represent estimates and assumptions
only as of the date on which such statements are made. The Company undertakes
no obligation to publicly revise or update any forward looking statements,
whether as a result of new information, future events or otherwise. Reference
should be made to the most recent AIF and Annual Report for description of the
Company's risk factors. Further, the Company's intention to return capital to
its shareholders may not occur within the indicated period and may be greater
or less than estimated net asset value depending on transition costs, market
conditions, taxes or other costs or expenses that may be incurred.

    %SEDAR: 00023389E

For further information:

For further information: Andrew Kim, President and Chief Executive
Officer, PYXIS CAPITAL INC., 175 King Street East, 2nd Floor, Toronto, Ontario
  M5A 1J4, Telephone: (416) 867-9079, Facsimile: (416) 867-1961

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