RUM Releases Results
Edmonton, Alberta CANADA, April 30, 2009 /FSC/ - Humber Capital Corporation (RUM - TSX Venture), today reported its financial results for the five months ending December 31, 2008. As per reverse takeover accounting, Humber is reporting from Andersons Liquor Inc. ("Andersons") last year end with comparative financial information for July 31, 2008. Humber's year end is December 31, 2008.
For the five months net profit was $504,904, which is 94% of the net profit for the comparative period twelve months ending July 2008 of $537,671.
Highlights for period ending December 31, 2008:
* Humber raised $1,500,000 through its initial public offering;
* Entered into a purchase and sale agreement with Andersons Liquor Inc. ("Andersons");
* Andersons merges with Morinville Liquor Store Ltd. growing from 16 to 18 stores;
* Humber closed the qualifying transaction with Andersons;
* Raised $1,750,000 in its private placement, December 1, 2008;
* Andersons purchases Fort MacLeod store on December 30, 2008, now operates 19 stores;
* Appoints new auditors Meyers Norris Penny LLP;
* Revenue was $9,487,248 for the five months;
* Gross margins are stable at 23.8%;
* Income from operations was $720,407; and,
* Net profit was $504,904.
"All of this was achieved in a tumultuous market," said Peter Byrne, CEO of Humber. "This gives the management team great confidence as we continue to execute our business strategy."
Subsequent to year end, the Company continued to acquire liquor stores and added six additional locations for a present total of 25.
Peter Byrne emphasized that the management team remains focused on the Company's growth. "The priority of the leadership team will be to complete the integration of the new acquisitions, standardize operational processes and pursue additional acquisitions including new store developments," he said.
The Company's audited consolidated financial statements and Management Discussion and Analysis for the five months ended December 31, 2008 are available under the Company's profile on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the future growth and priorities for the Company, and the ability to execute the business strategy. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that these events may not materialize. If they do materialize, there remains a risk of nonexecution for any reason (including but not limited to the failure to integrate the new acquisitions and standardize processes, or the inability to locate suitable acquisitions or new store development locations).
For further information:
Peter Byrne
CEO
(780) 686-7383
Source: Humber Capital Corporation (TSX-V RUM)
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