|By PR Newswire||
|January 20, 2014 03:18 PM EST||
ST. HELIER, JERSEY, Jan. 20, 2014 /CNW/ - EastSiberian Plc, formerly PetroKamchatka Plc, ("EastSiberian" or the "Corporation") a Jersey company, reports its unaudited financial results for its second quarter of fiscal year 2014. EastSiberian has filed its Condensed Interim Consolidated Financial Statements for the six months ended November 30, 2013 and its Management's Discussion and Analysis ("MD&A") on www.sedar.com and on its website at www.eastsiberianplc.com.
Due to the lack of funding progress to date and the Corporation's liquidity position, the liquidation basis of accounting was adopted effective November 30, 2013. Under this basis of accounting, assets are valued at their net realizable values and liabilities are stated at their estimated settlement amounts.
Selected financial information as at and for the six months ended November 30, 2013 and 2012 are set out below and should be read in conjunction with EastSiberian's May 31, 2013 audited Consolidated Financial Statements and MD&A.
SELECTED FINANCIAL INFORMATION
The unaudited consolidated financial information of EastSiberian includes the Corporation, its subsidiaries and its proportionate share of the accounts of its joint interest entities.
All financial information is stated in United States dollars.
Three month ended
Six month ended
|Gain from accounts payable write-off||321,797||-||321,797||-|
|Net income (loss) and comprehensive income (loss)||131,828||(440,507)||(59,283)||(957,755)|
|Net loss per share - basic and diluted||0.03||(0.09)||(0.01)||(0.20)|
|Cash flow from (used in) operating activities||(64,015)||(591,337)||(210,364)||(1,872,277)|
|Cash flow from investing activities||-||-||-||2,492,045|
|Cash flow from financing activities||-||-||-||100,000|
|Foreign exchange gain (loss) on cash held in foreign currencies||-||-||-||3,305|
|Increase (decrease) in cash and cash equivalents||(64,015)||(591,337)||(210,364)||719,768|
|As at||November 30, 2013||May 31, 2013|
|Number of common shares outstanding||4,903,998||4,903,998|
Eastsiberian reported a net gain for the three months ended November 30, 2013 of $131,828 ($0.03 per share) compared to a net loss of $440,507 ($0.09 per share) for the three months ended November 30, 2012. The gain for the current period consisted of general and administrative expenses of $187,328, finance loss of $2,641 and gain from accounts payable write-off of $321,797, whereas the loss for the second quarter of fiscal year 2013 consisted of general and administrative expenses of $448,390, finance income of $10,438 and income taxes of $2,600.
In the three months ended November, 2013 and 2012, cash flow used in operating activities was $64,015 and $591,337 respectively. There were no capital expenditures in the three months ended November 30, 2013 or 2012.
At November 30, 2013, the Corporation's working capital deficiency was $985,325 compared to $926,042 at May 31, 2013.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com.
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.
Advisory Regarding Forward-Looking Statements
This press release together with the audited consolidated financial statements and MD&A referred to therein contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements"). Forward-looking statements are based on the EastSiberian's current beliefs as well as assumptions made by, and information currently available to, EastSiberian concerning business prospects, strategies, regulatory developments, the ability to obtain equipment in a timely manner to carry out development activities, the ability to get oil to market, and the ability to obtain financing on acceptable terms Although management of EastSiberian considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to either EastSiberian and/or its security holders. The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertakes any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
SOURCE EastSiberian Plc
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Bryan Forrester, Senior Vice President of Sales at eFolder, will present how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He will also demonstrate how easy it is to search and restore cloud application data using Cloudfinder.
Oct. 4, 2015 02:30 PM EDT Reads: 315
SYS-CON Events announced today that Agema Systems will exhibit at the 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Agema Systems is the leading provider of critical white-box rack solutions to data centers through the major integrators and value added distribution channels.
Oct. 4, 2015 02:30 PM EDT Reads: 610
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
Oct. 4, 2015 02:30 PM EDT Reads: 369
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
Oct. 4, 2015 02:30 PM EDT Reads: 662
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Oct. 4, 2015 02:15 PM EDT Reads: 185
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
Oct. 4, 2015 02:15 PM EDT Reads: 427
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Oct. 4, 2015 02:00 PM EDT Reads: 713
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingl...
Oct. 4, 2015 02:00 PM EDT Reads: 351
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated a...
Oct. 4, 2015 02:00 PM EDT Reads: 385
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.
Oct. 4, 2015 02:00 PM EDT Reads: 305
Clutch is now a Docker Authorized Consulting Partner, having completed Docker's certification course on the "Docker Accelerator for CI Engagements." More info about Clutch's success implementing Docker can be found here. Docker is an open platform for developers and system administrators to build, ship and run distributed applications. With Docker, IT organizations shrink application delivery from months to minutes, frictionlessly move workloads between data centers and the cloud and achieve 2...
Oct. 4, 2015 01:45 PM EDT Reads: 368
SYS-CON Events announced today that Machkey International Company will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Machkey provides advanced connectivity solutions for just about everyone. Businesses or individuals, Machkey is dedicated to provide high-quality and cost-effective products to meet all your needs.
Oct. 4, 2015 01:45 PM EDT Reads: 247
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
Oct. 4, 2015 01:00 PM EDT Reads: 693
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Oct. 4, 2015 01:00 PM EDT Reads: 530
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
Oct. 4, 2015 12:45 PM EDT Reads: 285