Black Hat Capital Inc.
TSX VENTURE : BHC.P

May 29, 2006 17:20 ET

Black Hat Capital Inc. Second Quarter Financial Statements for Period Ended March 31, 2006

CALGARY, ALBERTA--(CCNMatthews - May 29, 2006) - Black Hat Capital Inc. (the "Company") (TSX VENTURE:BHC.P) today released its unaudited financial statements for the Company's second quarter ended March 31, 2006. The Company is a Capital Pool Company pursuant to Policy 2.4 of the TSX Venture Exchange and completed its initial public offering on December 22, 2004.

The principal business of the Company is to identify and evaluate companies, assets or businesses with a view to completing a Qualifying Transaction, (as the term is defined in Policy 2.4). The Company has no assets other than cash received from a private placement in May 2004 and its Initial Public Offering of December 2004.

The net loss for the three-month period ended March 31, 2006 was $68,179 or ($0.019) per share.



SUMMARY OF INCOME STATEMENT INFORMATION

Income Statement March 31, March 31,
2006 2005
(Three (Three
Months) Months)
Net Income (loss) ($ 68,179) ($ 12,408)
Per share - basic and diluted ($ 0.019) ($ 0.004)
Weighted average shares outstanding - basic 3,500,000 3,500,000

The Company had interest income of $1,458 and total expenses of $69,637,
resulting in a net loss of $68,179.


SUMMARY OF CASH FLOW INFORMATION

Cash Flows March 31, March 31,
2006 2005
(Three (Three
Months) Months)
Cash from operating activities ($ 24,578) ($ 19,880)
Cash from investing activities $ 0 $ 0
Cash from financial activities $ 0 ($ 3,541)
Increase in cash and cash equivalents ($ 24,578) ($ 23,421)
Cash and cash equivalents - beginning of period $290,953 $401,849
Cash and cash equivalents - end of period $266,375 $378,428


SUMMARY OF BALANCE SHEET INFORMATION

Balance Sheet March September
31, 30,
2006 2005
Cash and cash equivalents $266,375 $337,063
Total assets $273,956 $369,466
Total liabilities $ 4,658 $ 25,468
Share capital $394,064 $394,064
Total shareholders' equity $269,298 $343,998
Total liabilities and shareholders' equity $273,956 $369,466

As at March 31, 2006, the Company had net working capital of $269,298.


The Company's unaudited March 31, 2006 financial statements may be viewed on SEDAR at www.sedar.com.

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

Contact Information

  • Black Hat Capital Inc.
    Anthony M. Croll
    (514) 399-9952