TDZ Holdings Inc.

August 12, 2009 10:23 ET

TDZ Holdings Inc.-Results for the Six Months Ended June 30, 2009

TORONTO, ONTARIO--(Marketwire - Aug. 12, 2009) - TDZ HOLDINGS INC., today announced its results for six months ended June 30, 2009.

Overview

The Company was formed on April 28, 1999 upon amalgamation. The Company has a 33% direct equity interest in Nualt Enterprises Inc. ("Nualt"), the parent company for the former Construction Technology Business carried on by Aluma Enterprises Inc. ("Aluma") and its subsidiaries, and the principal holding company for the former Residential Real Estate Business. The Residential Real Estate Business was sold in 2004. The Construction Technology Business was sold July 29, 2005. The Company's investment in Nualt has been pledged to Nualt's principal lenders to secure limited recourse guarantee obligations.

Summary of results

Net loss for six months ended June 30, 2009 was $3,000 ($0.00 per share) on revenues of $12,000 as compared to a net income of $21,000 ($0.00 per share) on revenues of $45,000 for six months ended June 30, 2008.

Net increase in cash was $1,000 ($0.00 per share) during the six months ended June 30, 2009 as compared to a net increase in cash of $23,000 ($0.00 per share) during the six months ended June 30, 2008.

Sale of the Construction Technology Business

The sale of substantially all of Aluma's assets occurred on July 29, 2005. Substantially all of the net proceeds from the sale will be applied to repay indebtedness of Nualt, which had been guaranteed by the Company pursuant to its limited recourse guarantee.

During 2008, the Company received net proceeds of $317,000 (2007 - $nil, 2006 - $697,000, 2005 - $1,567,000). No further amount has been received The balance payable pursuant to its entitlement on this sale, if any, cannot be predicted at this time as such amounts are dependent upon various closing and post closing adjustments which were to be made over a period of two years from the date of sale July 29, 2005. Efforts and discussions are ongoing. Accordingly, no accrual for these amounts has been recorded in these financial statements.

Contact Information

  • TDZ Holdings Inc.
    Mr. Harvey Fruitman
    Executive Vice President, Secretary,
    and Chief Financial Officer
    (416) 661-9290