TORONTO, April 27, 2012 /CNW/ - SWEF TERRAWINDS RESOURCES CORP. (the "Company") announces it has filed with Canadian securities regulators its annual audited financial statements and Management's Discussion and Analysis ("MD&A") for the years ended December 31, 2011 and 2010. These documents will be available at www.sedar.com and www.sweflp.com.
On January 16, 2008, March 10, 2008, April 29, 2008, August 29, 2008, November 13, 2008, December 1, 2008, March 26, 2009 and July 24, 2009 management provided instructions to shareholders regarding the process for submitting tax indemnity claims and the status of the claims process. Distributions of the funds held in trust by the Agent have commenced as the relevant taxation authorities have begun providing individual reassessments for the 2005 tax year allowing shareholders to make their tax indemnity claims. Further information is available at www.sweflp.com and www.terida.com/paymentagent.
The tax indemnity period has been extended to July 2013. Investors who intend to file claims against the tax indemnity fund and have not yet done so are urged to do so as soon as possible.
Results of Operations
Net loss for the year ended December 31, 2011 was $1.1 million compared to a net loss of $7.2 million for the same period in fiscal 2010. The decrease in net loss of $6.1 million is due primarily to a decrease in tax indemnity payments of $8 million and related deferred income tax recovery of $1.8 million when comparing the year ended December 31, 2011 to the same period ended December 31, 2010.
Interest income for the year ended December 31, 2011 was $89 thousand, which compares to $50 thousand for the same period in fiscal 2010.
Professional fees and other expenses for the year ended December 31, 2011 were $374 thousand compared to $423 thousand for the same period in fiscal 2010. The year ending December 31, 2011 incurred lower professional fees due to lower levels of activity during the year.
Deferred income tax recovery for the year ended December 31, 2011 was $0.3 million, compared to a recovery of $2.1 million for the same period in fiscal 2010. The deferred income tax recovery for the year ended December 31, 2011 arises due to the tax indemnity claims made in the period. The recovery decreased by $1.8 million due to fewer tax indemnity claims made in 2011 when compared to 2010.
For further information:
W. Judson Martin, Chairman SWEF Terrawinds Resources Corp. [email protected]