Sonor Investments Limited
TSX VENTURE : SNI.PR.A

August 17, 2010 15:55 ET

Sonor Investments Limited Reports Second Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2010) - Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the six months ended June 30, 2010.

   6 months ended June 30  3 months ended June 30
  2010 2009 2010 2009
  $000 $000 $000 $000
         
Revenue 288 302 144 43
         
Net Income (loss) 71 (228) 68 (22)

Michael Gardiner, President and Chief Executive Officer, stated that as at June 30, 2010 the Company's assets totaled $50.2 million. These assets included $13.2 million of marketable securities, $31.9 million in a private investment and $5.1 million of cash and cash equivalents.

During the six months ended June 30, 2010, the Company realized net capital gains of $9,000 on the sale of investments with no write down of assets compared to net capital losses of $14,000 and a write down of $345,000 during the six months ended June 30, 2009. During the three months ended June 30, 2010, Sonor realized net capital gains of $9,000 on the sale of investments compared to net capital losses of $55,000 during the corresponding period of the previous year.

During the period under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.

The Company has begun the implementation of its International Financial Reporting Standards ("IFRS") changeover plan required by financial regulators in Canada commencing January 1, 2011. It is not expected that the IFRS will materially impact the Company's operating results.

Sonor Investments Limited is an investment corporation located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.

Contact Information

  • Sonor Investments Limited
    Mr. Michael Gardiner
    President and CEO
    (416) 369-1499
    or
    Sonor Investments Limited
    Mr. Stephen Mills
    Treasurer & CFO
    (416) 369-1499