TORONTO, Aug. 30 /CNW/ - TriNorth Capital Inc. ("TriNorth") (TSXV: TRT) today released its unaudited financial results for the six months ended June 30, 2010.
During the second quarter, Trinorth experienced net income of $59,207 compared to a net loss of $3.05 million in the second quarter of 2009. The net income was primarily due to a gain on the sale of marketable securities and an unrealized gain on Trinorth's investment in Feronia. Income per common share was $0.00 in the second quarter compared to a net loss of $0.02 during the second quarter of 2009. Trinorth had cash and cash equivalents of $534,054 at the end of the second quarter.
For the six months ended June 30, 2010, Trinorth experienced a net loss of $260,667 compared to a net loss of $3.47 million in the first half of 2009. Net loss per common share was $0.002 for the first six months of 2010 compared to a net loss per common share of $0.023 in the first half of 2009.
Total assets at June 30, 2010, stood at $6.22 million as compared to $6.67 million at December 31, 2009.
On August 27, 2010, GTM Capital Corporation announced that the previously announced reverse takeover of Feronia had received conditional approval from the TSX Venture Exchange and is currently scheduled to close on or about September 9, 2010.
The interim financial statements and Management's Discussion and Analysis for the period ended June 30, 2010 have been filed at www.sedar.com.
TriNorth is a Canadian-based investment company that invests in a 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 Navina Asset Management Inc, a 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.
Neither the 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 TriNorth Capital Inc.
For further information: For further information: (416) 362-6283, Catherine Stretch, Navina Asset Management Inc., Toronto, Canada, firstname.lastname@example.org, www.trinorthcapital.com; Ravi Sood, Director, TriNorth Capital Inc., (416) 362-4999, email@example.com, www.trinorthcapital.com