|By Marketwired .||
|January 29, 2014 06:04 PM EST||
BROSSARD, QUEBEC -- (Marketwired) -- 01/29/14 -- E.G. Capital Inc. (TSX VENTURE:EGC.H), ("E.G. Capital"), formally National Construction Inc., today announces results for the three months ended November 30, 2013.
Comparison of the three months ended November 30, 2013 and November 30, 2012
Revenue was $nil for the three month period ended November 30, 2013 as compared to $nil for the same period last year.
Administrative Expenses were $27,935 for the three months ended November 30, 2013 as compared to $16,383 for the same period last year. For the three months ended November 30, 2013, the $27,935 included approximately $6,000 in professional and advisory expenses and approximately $22,000 in regulatory related filing expenses, consulting, and sundry administrative costs. For the three months ended November 30, 2012, the $16,383 included approximately $13,000 in professional and advisory expenses and approximately $3,000 in regulatory related filing expenses, consulting and sundry administrative costs.
The Corporation incurred interest and bank charges of $36 for the three months ended November 30, 2013 as compared to interest expense of $18 for the same period last year. The Corporation incurred a foreign currency exchange loss of $nil for the three months ended November 30, 2013 as compared to a foreign currency exchange loss of $nil for the same period last year.
As a result of the foregoing factors, the loss for the three months ended November 30, 2013 was $27,971 as compared to a loss of $16,401 for the same period last year.
Comparison of the nine months ended November 30, 2013 and November 30, 2012
Revenue was $nil for the nine month period ended November 30, 2013 as compared to $nil for the same period last year.
Administrative Expenses were $129,206 for the nine months ended November 30, 2013 as compared to $69,802 for the same period last year. For the nine months ended November 30, 2013, the $129,206 included approximately $94,000 in professional and advisory expenses and approximately $35,000 in regulatory related filing expenses, consulting, and sundry administrative costs. For the nine months ended November 30, 2012, the $69,802 included approximately $56,000 in professional and advisory expenses and approximately $14,000 in regulatory related filing expenses, consulting and sundry administrative costs.
The Corporation incurred interest and bank charges of $72 for the nine months ended November 30, 2013 as compared to interest expense of $54 for the same period last year. The Corporation incurred a foreign currency exchange loss of $1,134 for the nine months ended November 30, 2013 as compared to a foreign currency exchange loss of $nil for the same period last year.
As a result of the foregoing factors, the loss for the nine months ended November 30, 2013 was $130,412 as compared to a loss of $69,856 for the same period last year.
About E.G. Capital Inc.
The Corporation is an inactive company listed on the NEX board of the TSX Venture Exchange Inc ("the Exchange). The business of the Corporation is to identify and evaluate businesses or assets with a view to completing a reactivation transaction on the Exchange.
Following the sale of certain assets in February, 2005, the Corporation did not engage in any active business other than to preserve and/or convert into cash any assets remaining with the Corporation and to pursue future shareholder enhancing opportunities. The Corporation intends to review and pursue opportunities to unlock the value of its unrecorded future income tax assets.
On June 18, 2013, the Corporation entered into a reorganization and investment agreement with an individual resident in the Province of Ontario. Pursuant to this agreement, the Corporation has agreed to use its best efforts to complete the following: (i) the consolidation of the common shares on a 10 to 1 basis; (ii) a non-brokered private placement of up to 4,000,000 Units at a price of $0.05 per Unit for gross proceeds of a maximum of $200 000; (iii) the appointment of a new CEO; (iv) the appointment of new directors; and (v) a change of the name of the Corporation to Quantum International Income Corp.
Completions of the transactions are subject to standard closing conditions, including the approval of each of the Exchange and the shareholders of the Corporation.
The Corporation had a special shareholders' meeting on November 21, 2013 to consider the above matters, as well as to appoint directors and auditors. All matters were approved however the private placement has not yet closed.
This press release may contain forward-looking statements relating to the Corporation. Among the important factors that could cause actual results to differ materially from those indicated by such forward looking statements are competitive pressures, technical difficulties, market acceptance, changes in customer requirements, and general economic conditions, and other risks and uncertainties as described from time to time in Corporation's reports, registration statements and filings filed by the Corporation with securities regulatory authorities.
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.
E.G. Capital Inc.
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