CALGARY, April 25 /CNW/ - General Properties Ltd. (TSXV: GPL) (the "Corporation") is pleased to announce the twelve and three month financial results for fiscal 2007, as summarized below:
Summary of results for the 12 months ended December 31, 2007 and 2006
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2007 2006
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Revenues including interest income, rental
income and gain from discontinued operations $41,251 $5,135,778
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Net income (loss) ($655,060) $1,525,934
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Net income (loss) per share - basic ($0.02) $0.07
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Net income (loss) per share - diluted ($0.02) $0.06
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Total assets $4,623,938 $5,807,460
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Total liabilities $298,635 $2,557,233
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Dividends per share on preferred shares
- Series 4 $0.0120 $0.0120
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Summary of quarterly results for the three months ended December 31, 2007
and 2005
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2007 2006
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Revenues, including net gain from sale of, and
operating income from, discontinued operations $6,880 $2,758,601
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Net income (loss) after tax (63,823) ($383,551)
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Net income (loss) per share - basic ($0.00) ($0.02)
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Net income (loss) per share - diluted ($0.00) ($0.02)
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Note that the per share calculations in the tables above include the deduction of dividend payments on preferred shares to reflect the portion of earnings available to holders of common shares.
The Corporation is a mining exploration and development company with holdings in Northern Alberta totalling 831 square miles of permit area containing a confirmed iron resource.
As previously announced in the Corporation's January 24, 2008 press release, the Corporation has entered into a letter of intent to acquire a 70% interest in a past producing gold mining property (the "Property") located approximately 70 miles from Phoenix. The Property consists of approximately 1,000 acres of patented and unpatented ground. The Property was last worked by BEMA Gold Corporation, who completed a feasibility study in 1998.
Management of the Corporation believe that the acquisition of the Property presents an opportunity to further develop General Properties as an exploration and development company focused on precious and base metals.
The Corporation is currently preparing an information circular and the additional associated documentation to request shareholder approval of the transaction.
The feasibility study referenced herein was not reported in present day NI 43-101 standards.
There can be no assurance that the Corporation will be able to obtain the required approvals to complete the transaction.
The Corporation's Annual Report is available at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release and has neither approved nor
disapproved the contents of this press release.