Nov. 30, 2010 (Filing Services Canada) -- Exclamation Investments Corporation (XI - TSX Venture), ("exclamation") today reports its first consolidated financial statements as a listed company on the TSX Venture Exchange for the third quarter ended September 30, 2010.
Third Quarter Highlights
- Completed the Qualifying Transaction with Chrysalis Capital VI Corporation ("Chrysalis VI") on July 14, 2010.
- Raised over $750,000 via a private placement that closed concurrently with the closing of the Qualifying Transaction with Chrysalis VI.
- Maintained net asset value of $0.13 per share net of all costs associated with the public listing.
"Completing the reverse take-over of Chrysalis VI represented a significant milestone for exclamation and an important step in establishing the foundation of a strong investment company," commented Marc Lavine, Chief Executive Officer of exclamation. "We're now well positioned to focus our energies on maximizing returns on our active investments and further developing our new business ideas as we seek to accelerate shareholder value."
Investor Relations
Management is disappointed with the price of exclamation's shares, which have recently traded at a greater than 50% discount to their net asset value of approximately $0.13 per share. While representing a great opportunity for new and existing shareholders to purchase shares, management is committed to working towards a share price that more accurately reflects exclamation's value. As such, and in addition to exclamation repurchasing shares on the open market as previously announced on July 21, 2010, exclamation will implement a significantly enhanced investor relations program over the next six months.
Operational Update
Management, along with exclamation's investment committee, will continue to review the existing portfolio of investments with the goal of optimizing the mix of revenues derived from dividends and/or interest with those from capital gains. Specific to the fourth quarter, management will be making its recommendations relating to exclamation's debenture investment in Advantex Marketing International (TSXV: ADX) that matures December 31, 2010.
Additionally, within the next six months, Exclamation Creations ("creations") intends on announcing and launching its first new business concept; an original idea in which significant progress has already been made on market research, financial due diligence, and identification of key team members.
Financial Summary
The tables below summarize the consolidated balance sheet and consolidated statements of income for the third quarter ended September 30, 2010.
Consolidated Balance Sheet
As of September 30, 2010
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Net working capital $1,239,229
Total current assets 1,329,778
Total current liabilities 90,549
Total corporate investments 2,312,937
Total debt 0
Total shareholders' equity $3,561,863
Consolidated Statements of Income
Three Months Ended Nine Months Ended
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Total Revenues $62,539 208,506
Net unrealized gains 8,000 56,000
Interest income 29,540 70,890
Dividend income 25,000 81,616
Expenses 67,557 249,358
Earnings (losses) before taxes (5,018) (40,852)
Net income (loss) $(41,103) $(31,155)
Net income (loss) per share $(0.00) $(0.00)
For more information about exclamation, visit www.exclamationinvestments.com
Detailed financial statements and management discussion and analysis are available on www.sedar.com.
ABOUT EXCLAMATION INVESTMENTS CORPORATION
exclamation provides the opportunity for shareholders to co-invest with Marc Lavine, who has been investing and creating businesses under the exclamation brand since his first venture as one of the co-founders of Cyberplex Inc. in 1996.
exclamation's investment approach leverages the investing and business creation knowledge of Mr. Lavine to identify and invest in opportunities where active involvement creates a situation for enhanced shareholder value. exclamation seeks to create value by investing in companies at different stages of their lifecycle; be it during the initial creation stage or the managing growth stage, where fundamental changes in strategy are often required. It is during these stages where exclamation's management believes it can have real impact on the company's development.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
For more information, please contact:
Exclamation Investments Corporation
Daniel Shields, Chief Financial Officer
t : 1 (888) 838-1666
e: info@exclamationinvestments.com
w: www.exclamationinvestments.com
Source: Exclamation Investments Corporation (TSX-V XI) www.exclamation.com
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