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E.G. Capital Inc. Announces Annual Results for the Year Ended February 28, 2014
|By Marketwired .
|June 30, 2014 06:18 PM EDT
TORONTO, ONTARIO -- (Marketwired) -- 06/30/14 -- Quantum International Income Corp (TSX VENTURE:QIC.H), ("Quantum"), formally E.G. Capital today announces results for the year ended February 28, 2014.
Comparison of the 12 months ended February 28, 2014 and February 28, 2013.
Revenue was $nil for the twelve month period ended February 28, 2014 as compared to $nil for the same period last year.
Administrative Expenses were $449,428 for the twelve months ended February 28, 2014 as compared to $81,441 for the same period last year. For the twelve months ended February 28, 2014, the $449,428 included approximately $166,490 in professional and advisory expenses, approximately $155,609 in consulting fees, approximately $70,021 in regulatory related filing expenses, and approximately $57,308 in sundry administrative costs. For the twelve months ended February 29, 2013, the $81,441 included approximately $62,000 in professional and advisory expenses and approximately $19,000 in regulatory related filing expenses, consulting, and sundry administrative costs.
Of the $155,609 in consulting fees for the twelve months ended February 28, 2014, $108,889 remains outstanding at year end as an accrued liability payable to directors and officers of the Company for their consulting services related to a reactivation transaction.
The Corporation incurred interest and bank charges of $11,922 for the twelve months ended February 28, 2014 as compared to interest expense of $11,213 for the same period last year. The interest was largely due to accrued interest on outstanding Ontario capital tax for which management paid in full as of March 24, 2014.
The Corporation incurred a foreign currency exchange loss of $1,497 for the twelve months ended February 28, 2014 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 twelve months ended February 28, 2014 was $462,847 as compared to a loss of $93,422 for the same period last year.
About Quantum International Income Corp
QIIC is an Ontario corporation which was originally amalgamated on August 15, 1995. After engaging in several ventures over the subsequent decade, the Company divested itself of substantially all of its assets in February, 2005. The Company has traded on the NEX since March 16, 2005. Since 2005, the Company has had no active operations and its primary business has been to identify and evaluate businesses or assets with a view to completing a reactivation from the NEX pursuant to the policies of the Exchange.
On June 18, 2013, QIIC entered into a reorganization and investment agreement with Mr. Grant White, pursuant to which the Company agreed to: (i) appoint Mr. White as Chief Executive Officer; (ii) nominate new directors for election to the Company's board of directors; (iii) consolidate its issued and outstanding share capital on the basis of one (1) post-consolidation share for each ten (10) pre-consolidation shares; (iv) undertake to complete a non-brokered private placement of common shares and warrants of the Company; and (v) change its name from "E.G. Capital Inc." to "Quantum International Income Corp." (collectively, the "Reorganization"). The Reorganization was entered into in order to better position the Company to complete its reactivation from the NEX. Mr. White's appointment as CEO was effective on June 18, 2013; Mr. Manu Sekhri joined as President and a new slate of directors were elected at the annual and special meeting of the shareholders of QIIC held on November 21, 2013; the consolidation and name change became effective on March 13, 2014 and the Company completed the non-brokered private placement to raise aggregate gross proceeds of $1,160,000 on March 19, 2014.
As of the date hereof, there are 25,460,105 common shares of QIIC issued and outstanding, as well as 23,200,000 warrants to purchase common shares of QIIC at a price of $0.10 per common share at any time prior to March 19, 2015. As of the date hereof, no person owns, controls or directs 10% or more of the outstanding common shares of QIIC.
QIIC intends to seek opportunities to acquire and grow businesses in order to generate stable distributions for its shareholders, as well as to achieve overall capital appreciation. The Company will seek to acquire operating businesses with a proven track record, an opportunity for growth and whose management wishes to continue to operate the business going forward. The Company's investment approach will be to grow through the acquisition of "platform" businesses that are consistent with its business strategy and acquisition criteria and then to continue to build revenues and earnings within these businesses. Potential acquisition targets may be private or public companies in a variety of industries, thereby allowing for diversification. Acquisition of all or a majority of the ownership of each such business is preferred. Value will be created by seeking out high growth, high margin opportunities where the acquired businesses can maintain and develop the deep knowledge, expertise and understanding of their customers' needs required to deliver superior service and command higher pricing and margins than the competition.
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.
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