GC-Global Capital Corp. ("Global Capital") (TSX VENTURE: GDE.A)
announces its financial results for the nine months ended September
30, 2010.
Highlights from the nine months ended September 30, 2010
-- Net assets of $15.3 million or $0.78 per share at the end of the
quarter;
-- Net income before taxes of $76,680 for the first nine months compared to
net income before tax of $508,618 for the same period in 2009;
-- Cash and short term investments of $4.8 million ($0.24 cash per share)
at the end of the quarter.
Management's Comments
As at September 30, 2010 Global Capital had net assets totaling
$15.3 million or $0.78 per share compared to $15.5 million or $0.78
per share as at December 31, 2009.
For the nine months ended September 30, 2010, Global Capital had
net income before taxes of $76,680 or $0.00 per share compared to a
net income before tax of $508,618 or $0.03 per share for the same
period in 2009. Net income for the nine months ended September 30,
2010 was $65,845 or $0.00 per share as compared to a net income of
$508,618 or $0.03 per share for the same period in 2009. For the
quarter ended September 30, 2010, Global Capital had a net income
before taxes of $36,977 or $0.00 per share compared to a net income
before tax of $842,886 or $0.04 per share for the same period in
2009. Net income for the quarter ended September 30, 2010 was
$36,977 or $0.00 per share as compared to a net income of $842,886
or $0.04 per share for the same period in 2009. The above net
income per share has been calculated using the weighted average
number of multiple and subordinate voting shares during each
period.
The Company's loan and convertible debenture portfolio amounted
to $4.2 million, a decrease of 56% as compared to $9.6 million at
December 31, 2009. The decrease was mainly due to the repayment of
bridge loans outstanding during the period as well as a partial
conversion of the Company's outstanding convertible debentures.
Total assets as at September 30, 2010 were $16.5 million
compared to $16.5 million as at December 31, 2009. Included in
total assets are $4.8 million in cash and short term investments
(December 31, 2009 - $2.2 million), $4.2 million in notes
receivable, bridge loans and convertible debentures (December 31,
2009 - $9.6 million), $3.6 million in portfolio investments
(December 31, 2009 - $2.1 million), $0.2 million in an investment
in an associated company (December 31, 2009 - $Nil), $2.6 million
in investment property (December 31, 2009 - $1.4 million), $0.5
million in other assets (December 31, 2009 - $0.5 million) and $0.6
million in future income taxes (December 31, 2009 - $0.6
million).
Chief Executive Officer, Jason Ewart commented, "We ended the
quarter with six secured convertible debentures in public companies
in our portfolio. Management is focused on crystallizing gains on
these securities over the next six months and looks forward to
showing this progress over the coming quarters." He added "Global
Capital continues to hold a significant amount of cash which we are
working to deploy in new transactions a timely manner."
Subsequent Events - Bridge Loan Client Update
During the third quarter and subsequent to the end of the third
quarter, several of Global Capital's current bridge loan clients
continued to advance their business operations.
Knightscove Media Corp.'s ("Knightscove") video-on-demand
network, KnightTV, signed new libraries increasing its content from
40 programs to over 400 programs. Knightscove also announced that
it was experiencing strong advanced DVD sales heading into the fall
market and the premier of its feature film "Sophie" at the American
Film Market. Knightscove Media Corp. along with its wholly owned
subsidiaries, Morningstar Entertainment Inc. ("Morningstar") and
Knightscove Family Films Inc., is an integrated Canadian
entertainment company specializing in the distribution, acquisition
and creation of high quality live-action feature films and
television productions for the whole family.
During the fall, Cantronic Systems Inc. ("Cantronic") reported a
second quarter that showed a year-over-year increase of quarterly
sales of 29.6%, a new supply contract with a South Korean Defence
Integrator and the closing of a $2.5 mm private placement unit
offering. Cantronic manufactures, distributes, and provides
training and services in the fields of infrared vision and video
security surveillance technologies, specializing in passive and
active infrared cameras, infrared illuminators, low light infrared
sensitive CCD cameras and long-range night vision surveillance
systems for homeland security and surveillance applications.
During the fall, Bison Gold Resources Inc. ("Bison Gold")
announced the completion of private placement equity and
flow-through financings for gross proceeds of $2.79 million and
received approval from the Manitoba Conservation for a work permit
to conduct a diamond drilling program on its central Manitoba
property for the fall/winter 2010-2011. Bison Gold is a Canadian
public company listed on the TSX Venture Exchange. Bison Gold is
focused on gold, base metal and rare element exploration with
property assets in Manitoba, Canada. Bison Gold's land holdings
have historically produced in excess of 200,000 ounces of gold.
In October, Iseemedia Inc. ("Iseemedia") announced the
completion of a private placement offering for gross proceeds of
$3,000,000. Following the closing of the private placement, Global
Capital's bridge loan to Iseemedia was fully repaid. Iseemedia Inc.
is a mobile software company focused on the commercialization of a
Service Delivery Platform (iseemail™) for delivering push Email
services to the mass market and an advanced Content Delivery
Platform (iseedocs™) for rich media adaptation and extremely
cost-efficient network delivery to mobile devices.
In early November, Royal Coal Corp. ("Royal Coal") announced
that it had completed the issuance of notes to Juno Special
Situations Corporation in the aggregate principal amount of
US$2,000,000. The proceeds of the note issuance will be used to
fund the Company's ongoing coal mining operations. Royal Coal also
announced it had entered into new royalty arrangements with third
parties to provide additional operating capital to Royal Coal of
US$1,500,000. Royal Coal is a coal exploration and production
company, headquartered in Toronto, Ontario, Canada with a regional
office in Hazard, Kentucky, U.S.A. whose primary business focus is
developing producing surface coal mining operations in the Central
Appalachian coal producing region of the United States, which
includes parts of West Virginia, Virginia, Kentucky, Ohio, and
Tennessee.
In November, MBMI Resources Inc. ("MBMI") announced the closing
of the first tranche of a non-brokered private placement financing
for gross proceeds of $1.05 million. The proceeds of this financing
shall be used for the development of MBMI's Palawan, Philippine
nickel mineral properties. MBMI and its Philippine partners have an
interest in nine nickel laterite projects in the Philippines,
covering an area greater than 22,000 hectares. MBMI's objective is
to become a major supplier of high-grade nickel products to primary
industrial consumers in Asia.
A full set of unaudited financial statements and related notes
have been filed on SEDAR.
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. In 2009, the Company launched the GC-Global Capital
Lending Partners Limited Partnership (the "Fund") which provides
secure bridge loans to micro-cap and small-cap companies. The
Fund's investment objective is to provide investors with a high
yield and the preservation of capital. As the General Partner of
the Fund, Global Capital participates along side the fund in these
bridge loan transactions and receives a management fee and
performance bonus for its services. For further information, please
contact Jason G. Ewart at (416) 488-7760 or visit our website at
www.gcglobalcapital.ca.
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.
Neither the 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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