NewNorth Announces Results for the Quarter Ending March 31, 2012
May 28 2012 - 7:40PM
PR Newswire (Canada)
CALGARY, May 28, 2012 /CNW/ - NewNorth Projects Ltd. ("NewNorth")
today announced its financial results for the quarter ending March
31, 2012. Mr. Greg Herndier, President and Chief Executive Officer
of NewNorth, reports a net loss after tax of $377,000 which
includes debenture interest of $23,000. After tax loss per share,
basic and diluted is $0.03. Select information: -- On January 19,
2012, NewNorth redeemed all of its outstanding debentures. This is
an early redemption as the debentures were not due until May 30,
2012. The principal payout was $4,749,423. Interest of $23,000 was
paid to the holders of the debentures. -- At March 31, 2012, the
Company's current ratio (current assets to current liabilities) is
8.36:1 and the adjusted debt to equity ratio is 0.33:1 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: Mr.
Greg N. Herndier, Chief Executive Officer or Mrs.
ShannonCook,Controller at (403) 531-0280.
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