TORONTO, May 14 /CNW/ - TriNorth Capital Inc. ("TriNorth") (TSX: TRT)
today released its unaudited financial results for the three months ended
March 31, 2009.
During the first quarter of 2009, TriNorth posted a net loss of $418,175
compared to a net of loss of $1.1 million in the first quarter of 2008. The
loss per common share for the quarter was $0.003. TriNorth had cash and cash
equivalents of $2.36 million at the end of the first quarter.
For the three months ended March 31, 2009, TriNorth did not make any new
investments and disposed of its investment in Chevalier Resources at a loss of
$220,000. TriNorth's share of loss from its investment in Russo-Forest
Corporation was $273,035. During the quarter the fair value of TriNorth's
marketable securities increased by $803,428 and TriNorth continued to incur
project development expenses related to the establishment of an African based
Total assets at March 31, 2009 stood at $11.8 million.
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, email@example.com,