TORONTO, Feb. 27 /CNW/ - TriNorth Capital Inc. (TSX: TRT.TO) today
announced that it has formed a joint venture in the East African country of
Uganda as a vehicle to develop resource-based investment opportunities. In
this venture, Trinorth has partnered with prominent local business people who
have extensive knowledge, experience and networks in the region.
Uganda has substantial natural resources that are as yet largely
undeveloped including minerals such as copper, cobalt and beryllium and proven
deposits of crude oil and natural gas. Uganda has enjoyed relative peace and
stability compared to its neighbours since the current leadership came to
power in 1986 that has generated economic growth projected at 6.4% by the
World Bank in 2008/2009 and an increasingly attractive destination for foreign
Uganda's official language is English and it is a member of the East
African Community, a region of economic and political cooperation that also
includes Kenya, Tanzania, Rwanda and Burundi. In November 2007, Uganda hosted
the biennial Commonwealth Heads of Government Meeting.
TriNorth is a Canadian-based investment company that invests in a
diversified portfolio of companies to generate long-term capital growth for
shareholders. TriNorth takes an active interest in its investee companies from
the earliest stages, providing strategic and financial counsel, support and
direction to assist in their growth and success. TriNorth's investment
strategy includes structuring and initiating deals focused on particular
resources, themes or regions as well as launching the development of
businesses in select industries by providing assistance with the hiring of
management teams, providing seed capital and facilitating IPOs. All investment
activities of TriNorth are managed by Lawrence Asset Management Inc, a leading
Canadian alternative investment asset manager.
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking information"
within the meaning of Canadian securities law. Such forward-looking
information may be identified by words such as "plans", "proposes",
"estimates", "intends", "expects", "believes", "may", "will" and include
without limitation, statements regarding the stated use of proceeds; plan of
operations and comparative advantages; and benefits of this investment. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such statements.
Factors that could cause actual results to differ materially include, among
others, regulatory risks, risks inherent in foreign operations, commodity
prices, competition, and investments having no history of operations. Most of
these factors are outside the control of the Company. Investors are cautioned
not to put undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the Company
expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information, future
events or otherwise.
For further information:
For further information: (416) 362-6283, Catherine Stretch, Lawrence
Asset Management Inc., Toronto, Canada