/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 29, 2015 /CNW/ - Quantum International Income Corp. (TSXV: QIC.U)(TSXV:QIC), ("Quantum" or the "Company" or "QIIC"), today announces results for the three and nine months ended November 30, 2014.
With effect from March 14, 2014, the name of the Company changed from "E.G. Capital Inc." to "Quantum International Income Corp".
With effect from September 1, 2014, the Company changed its function and presentation currency to U.S. dollars. Unless otherwise noted, all amounts are in U.S. dollars.
Comparison of the three and nine months ended November 30, 2014 and November 30, 2013
Revenue was $94,773 for the three and nine month periods ended November 30, 2014 and $nil for the three and nine month periods ended November 30, 2013. Revenue generated in the current period was attributable entirely to MME. Surgical procedures at CSS-Essex did not commence until December 2014.
Administrative expenses were $1,201,144 for the three months ended November 30, 2014 as compared to $26,867 for the same period last year. The increase in administrative expenses compared to the prior year is primarily related to the operations of the new acquisitions.
For the three months ended November 30, 2014, administrative expenses included $282,687 in professional and advisory expenses, $149,993 in management fees, $15,241 in regulatory related expenses, $186,108 in salaries and benefits, $114,171 in depreciation and amortization, and $452,944 in general and other administrative expenses. For the three months ended November 30, 2013, the Company incurred $13,599 in professional and advisory expenses, $4,716 in regulatory related expenses and $8,552 general administrative expenses.
Administrative expenses were $2,751,411 for the nine months ended November 30, 2014 as compared to $124,727 for the same period last year. The increase in administrative expenses compared to the prior year is primarily related to the reactivation transaction and acquisitions.
For the nine months ended November 30, 2014, administrative expenses included $1,325,462 in professional and advisory expenses, $443,553 in management fees, $69,942 in regulatory related expenses, $210,275 in salaries and benefits, $114,171 in depreciation and amortization, and $588,008 in general and other administrative expenses. For the nine months ended November 30, 2013, the Company incurred $99,663 in professional and advisory expenses, $15,946 in regulatory related expenses and $9,118 in general administrative expenses.
Net Comprehensive Loss
As a result of the foregoing factors, net comprehensive loss for the three and nine months ended November 30, 2014 was $1,118,960 and $2,617,674, respectively, and $25,811 and $121,921 for the three and nine months ended November 30, 2013 respectively. $327,833 and $380,686 of the net comprehensive loss for the three and nine months ended November 30, 2014 is attributable to the non-controlling interests in the subsidiary that acquired the Roseland Assets and shareholders of Multiple Media Entertainment.
About Quantum International Income Corp
QIIC is building a portfolio of operating companies and continues to seek to expand through acquisitions. QIIC seeks opportunities to acquire and grow businesses in order to generate stable distributions for its shareholders, as well as to achieve overall capital appreciation. The Company will seek to acquire operating businesses with a proven track record, an opportunity for growth and whose management wishes to continue to operate the business going forward. Potential acquisition targets may be private or public companies in a variety of industries, thereby allowing for diversification.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements and forward-looking information (collectively, "Forward-Looking Statements") and QIIC cautions investors about important factors that could cause QIIC's actual results to differ materially from those expressed, implied or projected in any Forward-Looking Statements included in this press release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "may", "could", "believes", "estimates", "intends", "plans", "forecast", "projection" and "outlook") are not historical facts and may be Forward-Looking Statements that involve projections, estimates, assumptions, known and unknown risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such Forward-Looking Statements or otherwise materially inaccurate. No assurance can be given that these expectations or assumptions will prove to be correct and such Forward-Looking Statements included in this press release should not be unduly relied upon. These Forward-Looking Statements speak only as of management's beliefs and expectations as of the date of this press release. In addition, this press release may contain Forward-Looking Statements drawn from or attributed to third party sources. Accordingly, any such statements are qualified in their entirety by reference to the information discussed throughout this press release.
Unless otherwise specified in this press release, information contained in this press release is current as of the date of this press release. Unless otherwise specified, all dollar amounts herein refer to U.S. dollars. Additional information on these and other factors that could affect the operations or financial results of QIIC and its subsidiaries are included in disclosure documents filed by QIIC with the securities regulatory authorities, available under QIIC's profile on SEDAR at www.sedar.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.
SOURCE Quantum International Income Corp
For further information: Roy L. Booth CPA, CA, CFO @ (416) 477-3400.