BROSSARD, QUEBEC--(Marketwire - June 28, 2012) - E.G. Capital Inc. (TSX VENTURE:EGC.H), ("E.G. Capital"), formally National Construction Inc., today announces results for the year ended February 29, 2012.
Comparison of the twelve months ended February 28, 2012 and February 28, 2011
Revenue was $nil for the twelve month period ended February 29, 2012 as compared to $nil for the same period last year.
Administrative Expenses were $94,498 for the twelve months ended February 29, 2012 as compared to $83,224 for the same period last year. For the twelve months ended February 29, 2012, the $94,498 included approximately $75,000 in professional and advisory expenses and approximately $19,000 in regulatory related filing expenses, consulting, and sundry administrative costs. For the twelve months ended February 28, 2011, the $83,224 included approximately $61,000 in professional and advisory expenses and approximately $22,000 in regulatory related filing expenses, consulting and sundry administrative costs.
The Corporation incurred interest and bank charges of $10,549 for the twelve months ended February 29, 2012 as compared to interest expense of $10,032 for the same period last year. The interest was largely due to accrued interest on outstanding Ontario capital tax for which management is attempting to negotiate a reduction in taxes claimed as payable by the Province.
The Corporation incurred a foreign currency exchange gain of $502 for the twelve months ended February 29, 2012 as compared to a foreign currency exchange loss of $2,344 for the same period last year.
As a result of the foregoing factors, the loss for the twelve months ended February 29, 2012 was $110,806 as compared to a loss of $95,600 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.
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.