GC-Global Capital Corp. Announces Its Financial Results for the Year Ended December 31, 2010
29 Abril 2011 - 3:30PM
Marketwired
GC-Global Capital Corp. ("Global Capital") (TSX VENTURE: GDE.A)
announces its financial results for the year ended December 31,
2010.
2010 Operating Results
As at December 31, 2010 Global Capital had net assets totaling
$15.6 million or $0.81 per share compared to $15.5 million or $0.78
per share as at December 31, 2009. The change in net asset value is
primarily due to the increase in the value of the Company's
available for sale investments. For the year ended December 31,
2010, Global Capital had a net loss of $46,751 or $0.00 per share
compared to a net loss of $4,468,502 or $0.22 per share for 2009.
Included in net loss for the year ended 2010 is a non-recurring
settlement of contingency in the amount of $288,990.
Total assets as at December 31, 2010 were $17.1 million compared
to $16.5 million as at December 31, 2009. Included in total assets
are $3.6 million in cash and short term investments (2009 - $2.2
million), $3.9 million in notes receivable, bridge loans and
convertible debentures (2009 - $9.6 million), $5.8 million in
portfolio investments (2009 - $2.1 million), $2.5 million in
investment property (2009 - $1.4 million), $0.08 million in an
investment in an associated company (2009 - $Nil) $0.5 million in
other assets (2009 - $0.5 million) and $0.6 million in future
income taxes (2009 - $0.6 million).
Chief Executive Officer, Jason Ewart said, "During 2010 we
continued to liquidate portions of our portfolio and collect
principal from outstanding bridge loans with the goal of shoring up
our cash levels for future transactions. The net loss of $46,751
for the year included a non-recurring settlement of contingency in
the amount of $288,990. The latter half of the year saw an improved
economic backdrop for business activity within North American
markets, and we saw the benefits transferred to the values of our
investments and equity kickers from bridge loans as indicated by
our comprehensive income of $426,097 for the year as well as a
slight increase in our NAV per share." He added, "We continue to
work towards being able to reinstate our annual dividend policy in
the future."
Comments on the First Quarter of 2011
The Company expects to file its first quarter financial
statements for the period ending March 31, 2011 prior to the end of
June, 2011.
2010 Audited Financial Statements and MD&A
A full set of the 2010 audited financial statements and the
Management Discussion & Analysis will be filled today on
SEDAR.
Global Capital's shares trade on the TSX Venture Exchange under
the symbol "GDE.A".
Forward-Looking Information
These materials include certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Other than statement of historical fact, all statements in
this material, including, without limitation, statements regarding
fair values of marketable securities, investments, bridge loans,
convertible debentures, estimated asset retirement obligations, and
future plans and objectives of the Company, are forward-looking
statements that involve various known and unknown risks,
uncertainties and other factors. There can be no assurance that
such statements will prove accurate. Actual results and future
events could differ materially from those anticipated in such
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date of
these materials. Important factors that could cause actual results
to differ materially from the Company's expectations include,
without limitation, the level of bridge loans completed, the nature
and credit quality of the collateral security, the sufficiency of
cost estimates for remaining reclamation obligations as well as
those factors discussed in the Company's documents filed from time
to time with the TSX Venture Exchange, Canadian securities
regulators and other regulatory authorities. All subsequent written
and oral forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by this notice.
About GC-Global Capital Corp.
Global Capital is a merchant bank which provides bridge loan
services (asset back/collateralized financing), to companies across
many industries such as oil & gas, mining, real estate,
manufacturing, retail, financial services, technology and
biotechnology.
Neither 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.
Contacts: GC-Global Capital Corp. Jason G. Ewart (416) 488-7760
www.gcglobalcapital.ca
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