TORONTO, May 29 /CNW/ - SWEF TERRAWINDS RE
SOURCES CORP. (formerly
Terrawinds Resources Corp.) (the "Company") announces it has filed with
Canadian securities regulators its interim financial statements and
Management's Discussion and Analysis ("MD&A") for the three month period ended
March 31, 2009. These documents will be available at www.sedar.com and
On January 16, 2008, March 10, 2008, April 29, 2008, August 29, 2008,
November 13, 2008, December 1, 2008 and March 26, 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.
Results of Operations
Net loss for the three month period ended March 31, 2009 was $0.2 million
compared to a net income of $0.1 million for the same period in fiscal 2008.
The decrease of $0.3 million is due primarily to a $0.2 million decline in
interest income, the commencement of payment of tax indemnity claims in the
first quarter of fiscal 2009, which amounted to $0.2 million and a future tax
recovery of $0.1 million.
Interest income for the three month period March 31, 2009 was $0.1
million compared $0.3 million for the same period in fiscal 2008. The decrease
of $0.2 million is due primarily to overall declines in interest rates, and
less cash on hand to invest in the first quarter of fiscal 2009 compared to
the same period in fiscal 2008.
Administrative costs for the three month period ended March 31, 2009 were
$0.2 million compared to $0.2 million for the same period in fiscal 2008. The
similarity is expected given that the activities of the Company were
substantially similar in each period.
Capital tax expense for the three month period ended March 31, 2009 were
an insignificant amount, compared to an insignificant amount for the same
period in fiscal 2008. The similarity is expected given that the taxable
capital of the Company was substantially similar in each period.
Future income tax recovery for the three month period ended March 31,
2009 was $0.1 million, compared to nil for the same period in fiscal 2008. The
future income tax recovery for the three month period ended March 31, 2009
arises primarily from the $0.2 million in tax indemnity claims made in the
period. There was no similar activity during the three month period ended
March 31, 2008.
Forward Looking Statements
Certain statements contained in this Press Release constitute forward
looking statements within the meaning of the Securities Act (Ontario)
regarding the future performance of the Company based on assumptions the
management of the Company, considered reasonable at the time it was prepared
as at April 23, 2009. All forward-looking statements are inherently uncertain
and actual results may differ materially from the assumptions, estimates or
expectations reflected or contained in the forward looking statements. We
consider the assumptions on which these forward looking statements are based
to be reasonable, but caution the reader that these assumptions regarding
future events, many of which are beyond our control, may ultimately prove to
be incorrect. These forward looking statements involve a number of risks,
uncertainties and assumptions, including the risk of future tax assessments,
litigation or other unanticipated expenses.
The Company disclaims any intention or obligation to update or revise any
forward looking statements whether as a result of new information, future
events or otherwise, except as required by law. These risks may cause the
actual results, performance or achievements of the Partnership to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. These cautionary
statements expressly qualify all forward looking statements attributable to
For further information:
For further information: W. Judson Martin, Chairman, SWEF Terrawinds
Resources Corp., email@example.com