Pyxis Capital Inc. - First quarter results

    TORONTO, Jan. 11 /CNW/ - Pyxis announced today that net loss for the
first quarter ended December 31, 2007 was $1.8 million compared to net income
of $4.7 million for the same period in 2006. The decrease in net income was
attributed to a decrease in realized gains on investments of $8.2 million.

    $ millions, except per share amounts                2007          2006

    Realized gains (losses) on investments           $    (3.0)    $     5.2
    Revenue                                          $    (1.0)    $     7.4
    Net income (loss)                                $    (1.8)    $     4.7
    Earnings (loss) per share                        $   (0.03)    $   (0.02)

    Earnings per share in 2006 reflect increased dividends paid on the
Company's Dividend shares prior to the Company buyback of 22.4 million
Dividend shares in May 2007.
    The Company cautions that reported earnings are largely dependent on
factors and events which do not occur evenly period to period, including the
timing of disposition of long term investments, the receipt of dividends,
currency exchange fluctuations, and other non-typical, non-recurring events.
Accordingly, the results for the quarter may not be indicative of future
    As previously announced, the Company continues to monetize its investment
portfolio due to unsettled market conditions and intends to hold treasury and
fixed income investments while it dispenses with its liabilities and dividend
shares in normal course of business. The Company has expressed its intention
to make further distributions of net assets to equity shareholders through
special dividends over an 18 to 24 month period. 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

    Pyxis is a financial services company. The Company's shares are listed on
the TSX under the symbol PYX, PYX.a and PYX.e.

    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.

    %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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