Pyxis Capital Inc. - Third quarter results

    TORONTO, Aug. 14 /CNW/ - Pyxis announced today that net income for the
third quarter ended June 30, 2008 was $0.7 million compared to net income of
$13.5 million for the same period in 2007.

    $ millions, except per share amounts                2008           2007
    Realized gains (losses) on investments          $   (0.6)      $    6.8
    Revenue                                         $    0.9       $   13.6
    Net income (loss)                               $    0.7       $   13.5
    Earnings (loss) per share                       $   0.01       $   0.07

    Revenue decreased by $12.7 million mainly due to a $7.4 million decrease
in realized gains, $2.4 million decrease in interest income, a $1.6 million
decrease in dividend income and a $1.3 million decrease in other income which
is primarily composed of income trust distributions. The decreases in revenue
other than realized gains are reflective of the lower asset base resulting
from the repurchase of the Company's dividend shares. Realized gains revenue
is dependent on the timing and amount of dispositions made in the period.
    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
    A management information circular for a Special Meeting of Shareholders
dated September 19, 2008 will be mailed to all shareholders by the end of
August. A Subsequent Acquisition Transaction by a company affiliated with the
Chairman and President and CEO of the Company, and the largest shareholder, as
disclosed in its Take Over Bid Circular dated April 29, 2008, will be voted
on. The Subsequent Acquisition Transaction is a going private transaction and
shareholders are urged to consult the management information circular for more

    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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