Primary Corp.
TSX VENTURE : PYC

Primary Corp.

November 12, 2008 06:00 ET

Primary Corp. Reports Q3 Financial Results

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2008) - Primary Corp. (TSX VENTURE:PYC) reports that it recorded a loss of $20,391 during the quarter ended September 30, 2008. As the Company began to deploy its available capital, it recorded interest and fee income of $109,476, expenses of $97,171 and accrued debenture interest of $32,695. Cash and cash equivalents of $10,691,587 was on hand at September 30.

During the quarter, the amalgamation was completed between 1322256 Alberta Ltd. and Trans America Industries Ltd. to form Primary Corp. This amalgamation resulted in a greater critical mass of capital available for investment, by combining the two smaller companies. It also resulted in the conversion of debentures to equity, thereby eliminating the Company's only debt. Upon the completion of the amalgamation, the Company began trading on the TSX Venture Exchange.

The downturn in the financial markets resulted in a decline in the market value of the Company's equity investments during the quarter. While these losses have not been realized through sale, the decreases are reflected in the financials as Other Comprehensive Income.

Primary consolidated its operations in its Toronto office during the quarter and plans to identify investment and lending prospects to take advantage of value opportunities.

The financial statements along with management's discussion and analysis can be found on SEDAR (www.sedar.com).

About Primary Corp.

Primary Corp is a diversified venture capital and merchant banking firm focused on the small cap market. It seeks to make equity investments and bridge loans in appropriate companies. Primary is listed on the TSX Venture Exchange under the trading symbol: "PYC".

Forward Looking Statements: This news release contains certain information that may constitute forward-looking statements under applicable securities laws. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the results anticipated or implied herein and variations may be material. There is no representation by the Company that actual results achieved will be the same in whole or in part as those implied in any forward looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.

Contact Information

  • Primary Corp.
    Rob Pollock
    President & CEO
    (416) 214-9672