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GC-Global Capital Corp. Announces its Financial Results for the Year Ended December 31, 2013
Toronto, Ontario--(Newsfile Corp. - April 30, 2014) - GC-Global Capital Corp. ("Global Capital...
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[{"type":"text","content":"\nGC-Global Capital Corp. Announces its Financial Results for the Year Ended December 31, 2013Toronto, Ontario--(Newsfile Corp. - April 30, 2014) - GC-Global Capital Corp. (\"Global Capital\") (TSX-V: GDE.A) announces its financial results for the year ended December 31, 2013. Fiscal 2013 was a year of major transition for the Company. \n\nWe recapitalized the Company in late 2013 (gross proceeds of $3.07 million) and early 2014 (gross proceeds of $1.0 million) for a total of $4.0 million of new capital financings. \"Our financial statements reflect deliberate changes made \nin virtually every aspect of our business. Despite the net losses, the majority of which resulted from the equity loss from the investment in Marathon Mortgage Corp. and the bankruptcy of Tanenbaum Landscape and Design Inc., we feel that we are \nprepared to become a profitable and relevant merchant bank in the Canadian marketplace in 2014,\" said Jason Ewart, CEO of\nGC Global Capital Corp. He added “The new capital raised in late 2013 and 2014 has been deployed into previously announced transactions that we believe will begin to show positive results in the second quarter of 2014, which we look forward to \nannouncing in a timely manner.”\n\nThe new funds were deployed into previously announced transactions in late 2013 and early 2014 such as Poydras Specialty Finance Corp (October, 2013), Advantagewon Inc. (December, 2013) and Advantagewon Oil Corp. (January, 2014). \n\nIn 2013, the Company announced its intention to spin-out a wholly-owned subsidiary real estate investment company, GC Marathon Financial Corp. (“GCMFC”) in the form of a return of capital share distribution to the Company’s \nshareholders. The spin-out is intended to give the shareholders a direct interest in GCMFC’s Canadian real estate market focused investments which includes Marathon Mortgage Corporation (“MMC”). In early 2013, Marathon Mortgage \nCorporation (“MMC”) received its CMHC (Canada\nMortgage and Housing Corporation) and Genworth Canada lenders status. \n\n2013 Audited Financial Statements and MD&A \n\nA full set of the 2013 audited financial statements and the Management Discussion & Analysis will be filed today on SEDAR.\n\nGlobal Capital's shares trade on the TSX Venture Exchange under the symbol...