Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

May 26, 2006 09:01 ET

Brownstone Ventures Inc.'s Results for Three Months and Nine Months Ended March 31, 2006

TORONTO, ONTARIO--(CCNMatthews - May 26, 2006) -

Investments increase 481% to $31.8 million from $5.5 million

Brownstone Ventures Inc. (TSX VENTURE:BWN), a Canadian investment company, today announced its unaudited results for the three and nine months ended March 31, 2006:

The results are based upon the Fair Value method of accounting for investments.

Results for the three months ended March 31, 2006 (compared to March 31, 2005):

- Realized loss on disposal of investments was $93,618 as compared to realized gain on disposal of investments of $492,390 for the three months ended March 31, 2005;

- Unrealized gains increased to $15,483,057 as compared $925,942 for the three months ended March 31, 2005;

- Total expenditures increased to $785,085 as compared to $154,225 for the three months ended March 31, 2005;

- Net income was $11,936,709 ($0.45 per share) as compared to Net income of $1,273,057 ($0.09 per share) for the three months ended March 31, 2005.

Results for the nine months ended March 31, 2006 (compared to March 31, 2005):

- Realized gain on disposal of investments decreased to $1,253,147 as compared to $2,162,047 for the nine months ended March 31, 2005;

- Unrealized gains increased to $26,226,887 as compared to unrealized losses of $506,603 for the nine months ended March 31, 2005;

- Total expenditures were $1,698,368 as compared to $549,564 for the nine months ended March 31, 2005;

- Net income was $21,110,446 ($1.07 per share) as compared to Net income of $1,119,526 ($0.07 per share) for the nine months ended March 31, 2005.

As at March 31, 2006:

- Investments (Fair Value) increased 481% to $31.8 million as compared to $5.5 million as at June 30, 2005.

- Investments (at Cost) increased 4% to $3.4 million as compared to $3.3 million as at June 30, 2005.

- Net Assets increased to $37.9 million as compared to $6.0 million as at June 30, 2005.

About Brownstone - Brownstone Ventures Inc. ("Brownstone") is a Canadian based, energy-focused investment company with equity investments in uranium (through its holdings in Mega Uranium Ltd.) and oil & gas. As well, Brownstone has direct interests in oil and gas exploration projects. For additional information, please see Brownstone's new website: www.brownstoneventures.com.

ISSUED AND OUTSTANDING COMMON SHARES: 26,764,125.

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

Contact Information

  • Brownstone Ventures Inc.
    Sheldon Inwentash
    President and C.E.O.
    (416) 941-8900
    www.brownstoneventures.com
    or
    Brownstone Ventures Inc.
    The Exchange Tower
    130 King Street West, Suite 2810
    Toronto, Ontario, Canada M5X 1A9