Longview Strategies Inc.

Longview Strategies Inc.

May 24, 2006 09:00 ET

Longview Strategies Triples Income from Previous Financial Period

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 24, 2006) - Longview Strategies Inc. (TSX VENTURE:LV) is pleased to announce a profit of $6.3 million as part of the Company's financial results for its first quarter results ending March 31, 2006. Longview Strategies notes that the Company's profit this quarter is larger than its total assets in August 2005 (when the Company was formed) which at the time totaled only $5.5 million. The current quarter's net income translates to $0.09 per share on a fully diluted, weighted-average basis. Assets have increased by 96% from the December 31st balance sheet and Longview looks forward to continued robust growth in profit and assets over the course of the 2006 fiscal year.

Revenues for the first quarter were $6.7 million, the majority of which was made up of gains on Longview's current portfolio of marketable securities. The Company is in the process of raising $5 million in additional equity to take advantage of further opportunities (see release dated May 11, 2006) and had working capital of $11.4 million at March 31, 2006.

Longview Strategies is a Tier 1 investment issuer on the TSX Venture Exchange, focused on natural resource and renewable energy investments. Selected annual information follows:

Quarter ended Quarter ended
March 31, 2006 December 31, 2005

Income (loss) for the Period $ 6,298,170 $ 2,120,637
Provision for Income tax (435,647) -
Basic Earnings (loss) per Share 0.10 0.13
Working capital 11,414,407 5,342,063
Total Assets 17,711,870 9,009,387
Total Long-term Liabilities - -

On behalf of the Board of Directors,

Damien Reynolds, Chairman & CEO

Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Longview Strategies Inc.
    Garry Stock
    Chief Financial Officer
    (604) 681-5755
    (604) 683-8340 (FAX)