VANCOUVER, May 29, 2012 /CNW/ - Santa Rosa Resources Corp. (the "Company") (TSX-Venture: STR.H) today announced its Q1 quarterly results for the period ended March 31, 2012. The financial statements were prepared in accordance with International Financial Reporting Standards.
As previously reported, the Company sold its operation subsidiary Monexa Services Inc on March 31, 2012. IFRS 5 accounting procedures for Non-Current Assets held for Sale and Discontinued Operations requires the subsidiary operating revenue and expenses that were sold to be netted (Revenue less Direct costs less Operating expenses) and this net operating loss for the quarter to be reflected in a single line item "Discontinued Operations" within the Consolidated Statements of Loss and Comprehensive Loss. Accordingly the revenue generated, direct costs incurred and operating costs incurred by the operating subsidiary are not reflected in the normal manner within the financial statements. The operating costs as reported are those of Santa Rosa Resources Corp.
For the three months ended March 31, 2012 the net loss before extraordinary items and discontinued operations was $100,835 compared with a loss of $106,736 for the same period in 2011. The net loss and comprehensive loss was $418,071 compared to a net loss and comprehensive loss for the comparable prior year period of $286,902. For further details of the transaction please refer to Notes 2 and 4 of the Financial Statements for the period ended March 31, 2012.
David Roberts, President and CEO said "Following the vote of shareholders of Santa Rosa Resources Corp (formerly Monexa Technologies Corp) on March 30, 2012 to sell the operating subsidiary Monexa Services Inc. we have completed that transaction. The sale of the subsidiary has permitted the repayment of all debt and accrued interest, and the redemption of all preferred shares and accrued dividends payable. The Company now has a clean balance sheet to make it suitable for a new venture".
Garth Albright, CFO said "Santa Rosa Resources Corp has cut its operating costs to preserve cash and give management and the Directors time to seek alternative opportunities for the Company".
This news release contains forward-looking statements. Actual events or results may differ materially from those described in the forward-looking statements due to a number of risks and uncertainties, including changes in financial and product market conditions. Forward-looking statements are based on management's estimates, beliefs, and opinions. The Company assumes no obligation to update forward-looking statements, other than as may be required by applicable law.
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.
For further information:
Garth Albright CFO D: 604.630.5657
Investor Relations email@example.com