Centiva Capital Inc.

Centiva Capital Inc.

April 30, 2010 07:00 ET

Centiva Capital Files 2009 Financial Statements

TORONTO, ONTARIO--(Marketwire - April 30, 2010) - Centiva Capital Inc. (TSX VENTURE:CVC) has filed its financial statements for the three and twelve month periods ended December 31, 2009 and MD&A on SEDAR (www.sedar.com).

The results reflect a write-down of the Company's investment in VFM Leonardo Inc. ("VFM").

Centiva owns approximately 8.2% of VFM, or 13.9% fully diluted. In 2009 VFM was sued in the US by a competitor. In the first quarter of 2010 a damages award of approximately $400,000 was made against VFM. VFM is assessing its rights to contest or appeal the damages award in whole or in part. VFM is also subject to a US anti-trust lawsuit claiming $35 million in damages by the same competitor. This suit represents a serious potential threat to VFM's business unless it is dismissed or resolved in VFM's favour. VFM believes the suit is without merit and intends to defend it vigorously.

As a result of the suit, the threat it represents to VFM's business and the significant cost of defending the suit, Centiva wrote down the value of its investment in VFM at December 31, 2009 to $1 from $1.8 million. If the suit is resolved in a manner favourable to VFM, it is possible that the carrying value of the VFM investment could be restored, in whole or in part.

Centiva Capital is a TSXV listed company with investments in early-stage businesses with high growth potential and a portfolio of marketable securities.

Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the 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 the accuracy of this release.

Contact Information

  • Centiva Capital Inc.
    John D. Pennal
    (416) 956-4926