Coventree Reports Third Quarter 2010 Financial Results
20 Agosto 2010 - 8:00PM
PR Newswire (Canada)
TORONTO, Aug. 20 /CNW/ -- NEX Symbol: COF.H TORONTO, Aug. 20 /CNW/
- Coventree Inc. (NEX: COF.H) ("Coventree" or the "Company") today
announced its financial results for the three and nine months ended
June 30, 2010. All amounts are reported in Canadian dollars.
Financial Highlights -------------------- Coventree's net loss for
the three and nine months ended June 30, 2010 was $7.8 million and
$11.5 million, respectively, compared to net income of $0.7 million
and $1.4 million for the same periods in the previous year. Total
revenue for the three and nine months ended June 30, 2010 of $1.3
million and $1.8 million, respectively, decreased by $2.5 million
and $11.5 million, respectively, compared to the same periods in
the previous year. The only source of revenue in 2010 is from
interest income from our investments and in the third quarter, the
$1 million recovery under a directors and officers insurance
policy. Operating expenses for the three and nine months ended June
30, 2010 were $7.1 million and $11.4 million, respectively, which
represent an increase of $3.7 million and nil, respectively,
compared to the same periods in the previous year. The increase is
due to higher legal and related expenses incurred with the respect
to preparation for and attendance at the OSC hearings. Expenses for
the three and nine months ended June 30, 2010 included $6.3 million
and $9.2 million, respectively, in costs associated with the
proceeding commenced by staff of the Ontario Securities Commission
by notice of hearing dated December 7, 2009 (the "OSC Proceeding").
The Company's Management Discussion and Analysis and unaudited
consolidated financial statements for the three and nine months
ended June 30, 2010 will be available under the "Coventree Owners"
section of the Company's website at www.coventree.ca and on SEDAR
at www.sedar.com. Outlook ------- Coventree is continuing to
proceed with its previously announced plans to wind down the
Company and its operations. In that regard, the Company had its
annual and special meeting of shareholders on June 30, 2010 at
which shareholders approved a special resolution authorizing the
winding up of the Company and the distribution of its remaining
assets to shareholders. However, the timing of any formal winding
up of the Company and the amount and timing of any distribution of
funds to shareholders under such a winding up cannot be determined.
A number of factors, some of which are beyond the Company's
control, could affect the timing of, or the amount of funds
available for distribution upon, a formal winding up of the
Company, including the OSC Proceeding. The OSC Proceeding is the
principal matter that needs to be resolved prior to the
implementation by the Company of its winding up and distribution of
its remaining assets. Forward-Looking Statements
-------------------------- This press release includes certain
forward-looking statements relating to the Company's expectations
to wind down its operations and to implement a formal winding up of
the Company. These statements can be identified by the expressions
"expects", "will" and "intends". These forward-looking statements
are not historical facts but reflect Coventree's current
expectations regarding future events based on information currently
available to Coventree. These forward-looking statements are
subject to a number of known and unknown risks, uncertainties and
assumptions which may be substantial. Many factors could cause
actual results or events to differ materially from current
expectations that may be expressed or implied by such
forward-looking statements, including, without limitation, the
various matters discussed under "Risks and Uncertainties" contained
on pages 13 and 14 of the Company's Management Discussion and
Analysis for the third quarter ended June 30, 2010 which is
available under the Company's profile on SEDAR at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, the Company may not be able to wind down its operations
or implement a formal winding up of the Company in the near future
or at all; and the amount of funds available to be distributed to
shareholders pursuant to such a winding up could be significantly
reduced and/or the timing of the distribution of such funds could
be significantly delayed. These factors should be considered
carefully and prospective investors should not place undue reliance
on the forward-looking statements. These forward-looking statements
are made as of the date of this press release and Coventree does
not intend, and does not assume any obligation, to update or revise
these forward-looking statements, except as required by law. This
press release is intended for distribution in Canada only. Neither
TSX Venture Exchange nor it 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. %SEDAR: 00024386E Craig Armitage, The Equicom Group Inc.,
Tel: (416) 815-0700 x278, Email: carmitage@equicomgroup.com or Ani
Hotoyan-Joly, Coventree Inc., Tel: (416) 572-2721, Email:
ani@coventree.ca
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