Business
Augen Capital Corp. AGM - Election of Directors (May 25, AGM) and First Quarter Financial Results
Augen Capital Corp. AGM - Election of Directors (May 25, AGM) and First Quarter Financial Results.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, June 1 /CNW/ - Augen Capital Corp. (the Company) (TSX-V: AUG) is\npleased to announce the election of William Allen, Alex Henry, J. David Mason,\nand Hugh Squair. Proxies voted in favour of management were 44% of the total\nissued 25,284,423 common shares. The team for the Augen Group of companies now\nincludes J. David Mason as Chairman and Managing Director, Ian Peres, full\ntime CFO, Michael Skutezky, Group General Counsel and Ron Mann, V.P. Business\nDevelopment. Mr. Gerald McCarvill resigned as a Director, and Mr. Stan Bharti\nresigned as an Advisor.\nIn the first quarter of this year, shareholders' equity increased by 4%\nfrom year-end to $2,975,611, i.e. $0.12 per share book value (the highest\nlevel in 7 years). For the full 2004 fiscal year revenues were $1.8 Million,\nthe highest on record, and this current quarter is the highest quarterly\nrevenue on record. Current ratio is now a healthy 3.5. Revenues were $440,009\nversus $157,403 in 1Q/04. The company booked a gain of $73,147 versus a loss\nof $176,520 in the comparable quarter of last year. Earnings per share are\n$0.003, or $0.01 annualized. This year is hence providing ample evidence that\nnew records may be set in 2005.\n\"We have now developed a strategy to aggressively build Augen and the\nabove management team is a part of its implementation,\" said J. David Mason,\nChairman, Augen Capital. \"In addition to these changes, there are four\nadvisors to the Board who also have long and varied experience in analytical\nand financial aspects of the mining sector, to ensure that Augen enhances its\nposition as the leading merchant bank and fund manager in the early-stage\nresource companies sector.\"\n\nAbout Augen Capital\n\nBased in Toronto, Augen Capital Corp. is a merchant bank specializing in\nearly-stage resources companies. Managed by mining and financial services\nexperts, Augen's portfolios consist of exploration companies that have\ndemonstrated strong upside potential. Over a six-year period, Augen's resource\nportfolios have outperformed a majority of competitive metal funds as well as\nthe TSE precious metals index.\nAugen Capital now has over $20 million under management, including a core\nportfolio of emerging resource stocks, three-resource flow-through LP's under\nmanagement, and its mutual fund, Augen Resource 2 Balance Fund. Vi...