Trading Symbol: FFP
VANCOUVER, Aug. 29 /CNW/ - Consolidated Firstfund Capital Corp. is pleased to announce its results from operations for its second quarter ended June 30, 2008. The financial results of the Company for the three months ended June 30, 2008 show a loss of $106,666 or $0.02 per share compared to a gain of $305,623 or $0.05 per share for the same period last year. Operating revenues decreased to $74,050 for the three months ended June 30, 2008 compared to $120,205 for the three months ended June 30, 2007. The Company's fee income was $70,073 for the three months ended June 30, 2008 (2007 - $117,766).
The Company earns fee income for real estate development and property management activities performed on properties owned by other entities. During the second quarter, the Company negotiated and received on behalf of Gold Star Resorts an extension to the conditional use and development permits for a proposed 68-unit condominium development project totaling 100,000 sq. ft. in Birch Bay, Washington. The extension of the permits is for two years.
Also during the second quarter, the Company negotiated and received on behalf of Gold Star Resorts permits from local and state governments to construct a road off of State Highway 548. One parcel of the property under management by the Company on State Highway 548 is permitted for a 10,000 sq. ft. strip mall with gas station and 10,000 sq. ft. restaurant/accommodation, farmers market and nursery.
The Company's interim consolidated financial statements and management's discussion and analysis for the six months ended June 30, 2008 are available on SEDAR at www.sedar.com.
On behalf of the Board of CONSOLIDATED FIRSTFUND CAPITAL CORP. William N. Grant (signed) --------------------------------- William N. Grant, President & CEO The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
%SEDAR: 00002533E