Welcome!

News Feed Item

E.G. Capital Inc. Announces Annual Results for the Year Ended February 28, 2014

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.

Contacts:
Quantum International Income Corp.
Roy L Booth
CFO
(416) 477-3400

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership abi...