Toronto, Jan. 28, 2014 /CNW/ - Genterra Capital Inc. (TSX
Venture - "GIC" - Common)
GIC today announced its financial results for its fiscal year
ended September 30, 2013.
Revenues for the year were $3,415,964, yielding a net loss of $212,634 and a loss per share of $0.02. This compares with revenues of
$3,254,803, a net loss of
$543,351 and a loss per share of
$0.06 for the 2012 fiscal year.
Capitalizing on favourable market conditions, during the year,
the Company successfully completed a $3
million 3.22% first mortgage financing on one of its
properties.
The Company also announced that it has entered into an agreement
with Highroad Estates Inc. ("Highroad") relating to the
installation, management and operation of two Solar Generator
projects to be located on the roofs of two of the Company's
facilities. The first project, to be located at the Company's
Wendell facility, will be operated by Highroad and the second
project, to be located at the Company's Dobbie facility, will be
operated by the Company. As part of this arrangement, the Company
has made available to Highroad a 3 year Term Loan Facility (the
"Loan") in the amount of $2,300,000
bearing interest at a rate of 4% per annum, with a portion of the
principal to be repaid during the term and the balance to be repaid
on January 2, 2017. The Loan is to be
used by Highroad to finance the installation of the equipment
required to operate the Wendell Solar Generator Project. The Loan
is secured by a first fixed and floating charge on all of
Highroad's assets. The Company currently has significant excess
cash on hand and the Lease and Loan to Highroad represents a
prudent investment for the Company. As Highroad and the
Company have a common "control person", the Loan is considered to
be a "related party transaction" as defined under Multilateral
Instrument 61-101 ("MI 61-101"). The transaction is exempt from the
formal valuation and minority shareholder approval requirements of
MI 61-101 as neither the fair market value of any shares issued to
or the consideration paid by such persons will exceed 25% of the
Company's market capitalization.
Effective October 1, 2011,
GCI began preparing its consolidated financial statements in
accordance with International Financial Reporting Standards, with
retroactive restatement of comparative figures. Accordingly, the
financial statements for the comparative year ended September 30, 2012 represent the first annual
financial statements of the Company prepared in accordance with
International Accounting Standards.
Genterra Capital Inc. is a management and holding company whose
assets include rental real estate properties and investments.
Disclaimer: Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Genterra Capital Inc.