TriNorth Capital Inc.

TriNorth Capital Inc.

January 04, 2005 09:26 ET

TriNorth Receives Final Payment Of US$760,000 From Guilin


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TRINORTH CAPITAL INC.

TSX SYMBOL: TRT

JANUARY 4, 2005 - 09:26 ET

TriNorth Receives Final Payment Of US$760,000 From
Guilin

TORONTO, ONTARIO--(CCNMatthews - Jan. 4, 2005) - TriNorth Capital Inc.
(TSX:TRT) announced today that it has received the final instalment
payment of US$760,000 from Guilin South Rubber (Group) Corporation
("GSRGC"). The payment is the final amount that was due on December 30,
2004 under TriNorth's settlement agreement with GSRGC.

In the Company's second quarter financial statements, the full amount of
the balance of the receivable then owing was written off because only
US$200,000 of the instalment due on July 30, 2004 had been received.
Subsequently, the balance of US$650,000 owing on that instalment was
received and booked as a recovery of the written down asset in the
Company's third quarter financial statements. The instalment of
US$850,000 due on September 30, 2004 and received in October 2004, and
the final payment of US$760,000 will be treated in the same manner in
the Company's fourth quarter financial statements.

TriNorth Capital Inc. is a Canadian-based investment company that has
investments in three technology-based businesses, cash resources, and
substantial tax losses to shelter future income and investment gains.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    TriNorth Capital Inc.
    John Pennal
    President & Chief Executive Officer
    (416) 956-4926
    www.trinorthcapital.com