TORONTO, June 30 /CNW/ - TriNorth Capital Inc. ("TriNorth") (TSXV: TRT) today released its unaudited financial results for the three months ended March 31, 2010.
During the first quarter of 2010, TriNorth posted a net loss of $319,874 compared to a net of loss of $418,175 million in the first quarter of 2009. The loss per common share for the quarter was $0.002 compared to a loss per common share of $0.003 in the first quarter of 2008. TriNorth had cash and cash equivalents of $370,969 at the end of the first quarter.
For the three months ended March 31, 2010, TriNorth did not make any new investments. In January 2010, Trinorth disposed of its investment in CIC Energy for net proceeds of $425,758 which resulted in a net loss of $29,047. In April 2010, Saber Energy Corporation merged with Talon Metals, a TSX listed company and Trinorth sold the majority of its shares in Talon for $370,500.
Total assets at March 31, 2010 stood at $6.2 million compared to $6.67 million at December 31, 2009.
The interim financial statements and Management's Discussion and Analysis for the period ended March 31, 2010 have been filed at www.sedar.com.
The Manager will hold a conference call on Monday, July 19th, 2010 at 11:00 a.m. to provide investors and their investment advisors with an update on the activity in the investment portfolio to be followed by a question and answer session. Call in details:
Dial in number: 416-695-7806 / 888-789-9572 / 800-6578-9818
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 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