CHARTER REALTY HOLDINGS LTD.
TSX VENTURE : CRH.P

CHARTER REALTY HOLDINGS LTD.

November 15, 2006 10:18 ET

Charter Realty Holdings Ltd. 'TSX-V: CRH.P' Announces Third Quarter 2006 Financial Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 15, 2006) - Charter Realty Holdings Ltd. (the "Company") (TSX VENTURE:CRH.P) is pleased to announce its financial results for the third quarter of 2006.

Highlights

- The Company was incorporated on March 29, 2005, initially issuing 2,000,000 shares at $0.10 per share, for gross proceeds of $200,000. On August 22, 2005 the Company completed an initial public offering, issuing 1,500,000 common shares at $0.20 per share, for gross proceeds of $300,000.

- On September 14, 2006 the Company completed a private placement financing transaction with C.A. Bancorp Inc., raising $500,000 in gross proceeds by issuing 2,500,000 common shares from treasury at a price of $0.20 per share. As a result the Company had 6,000,000 common shares outstanding as of September 30, 2006.

- As of September 30, 2006 the Company had total assets of $841,284 (December 31, 2005 - $417,615), comprised primarily of cash.

- For the three-month period ended September 30, 2006, the Company had a net loss of $31,699 (2005 - $13,465). This represented a loss of 0.8 cents per share on both a basic and diluted basis (2005 - 0.5 cents).

- The Company's only source of revenue was interest income in the amount of $4,789 (2005 - $2,282) earned on its cash deposits.

- For the three-month period ended September 30, 2006, the Company incurred expenses of $36,488 (2005 - $15,747).

- On October 19, 2006 the company granted an aggregate of 335,000 incentive stock options to certain of its directors, officers and employees.

Q3 financial results

For the complete third quarter Management's Discussion and Analysis and Financial Statements, please visit www.SEDAR.com.

Charter Realty Holdings Ltd.

Charter Realty Holdings Ltd. is a capital pool company governed by the policies of the TSX Venture Exchange. The Company's principal business is the identification and evaluation of real estate assets and businesses with a view to completing a qualifying transaction.

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

Contact Information

  • Charter Realty Holdings Ltd.
    Ari Silverberg
    Chief Operating Officer
    (416) 861-8729, Ext. 520
    (416) 364-2398 (FAX)