NewNorth announces results for the year ending December 31, 2011
April 24 2012 - 8:14PM
PR Newswire (Canada)
CALGARY, April 26, 2012 /CNW/ - NewNorth Projects Ltd. ("NewNorth")
today announced its financial results for the year ending December
31, 2011. Mr. Greg Herndier, President and Chief Executive Officer
of NewNorth, reports a net income after tax of $164,000 which
includes debenture interest of $516,000. After tax income per
share, basic and diluted is $0.01. Select information: -- NewNorth
sold all of the units of the Vista Village project, a condominium
project in Red Deer, Alberta. The gross proceeds for these sales
were $4,827,000. Of those proceeds, approximately $705,930 came
from the redemption of debentures payables. The debentures were
redeemed at face value. -- NewNorth sold its 50% interest in a
rental property in Yellowknife, NWT on June 1, 2011 for $342,087.
-- In the third quarter, NewNorth sold the remaining portion of the
Sheep River development project for $2,800,000. -- At December 30,
2011, the Company's current ratio (current assets to current
liabilities) is 2.22:1 and the adjusted debt to equity ratio is
0.27:1 which exceeds NewNorth's operating loan covenants
requirements of a current ratio not to be less than 1.25:1 and an
adjusted debt to equity ratio not to exceed 2:1. Management
believes that the value of the net assets of NewNorth significantly
exceeds the current share value. NewNorth is an integrated land and
building development Corporation operating in Alberta, the
Northwest Territories and Nunavut. 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. The contents of this
release have not been approved or disapproved by any securities
authority or stock exchanges. NewNorth Projects Ltd. CONTACT:
please contact Mr. Greg N. Herndier, Chief Executive Officer
orMrs.Shannon Cook, Controller at (403)531-0280.
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