E.G. Capital Inc.
TSX VENTURE : EGC.H

January 28, 2011 18:32 ET

E.G. Capital Inc. Announces Results for the Nine Months Ended November 30, 2010

BROSSARD, QUEBEC--(Marketwire - Jan. 28, 2011) - E.G. Capital Inc. (TSX VENTURE:EGC.H), ("E.G. Capital"), formally National Construction Inc., today announces results for the nine months ended November 30, 2010.

Comparison of the nine months ended November 30, 2010 and November 30, 2009.

Revenue was $nil for the nine month period ended November 30, 2010 as compared to $nil for the same period last year. Administrative Expenses were $11,021 for the three months ended November 30, 2010 as compared to $11,287 for the same period last year. For the three months ended November 30, 2010, the $11,021 included approximately $nil in professional and advisory expenses and approximately $11,021 in regulatory related filing expenses, consulting, and sundry administrative costs. For the nine months ended November 30, 2010, administrative expenses were $82,942 as compared to $33,967 for the same period last year. The $82,942 included approximately $50,618 in professional and advisory expenses and approximately $32,324 in regulatory related filing expenses, consulting and sundry administrative costs. The increase is due to greater legal expenses incurred in pursuing potential opportunities to enhance shareholder value.

The Corporation incurred interest and bank charges of $79 for the nine months ended November 30, 2010 as compared to interest expense of $2,637 for the same period last year. The decrease was largely due to the lower banking service fees.

As a result of the foregoing factors, the loss before special items for the nine months ended November 30, 2010 was $83,021 as compared to a loss before special items of $36,604 for the same period last year. The Corporation incurred special items expense of $nil for the nine month period ended November 30, 2010 as compared to $nil for the same period last year. As a result of the foregoing factors, the loss for the nine months ended November 30, 2010 was $83,021 as compared to a loss of $36,604 for the same period last year.

About E.G. Capital Inc.

The Corporation is an inactive company listed on the NEX board of the TSX Venture Exchange Inc ("the Exchange). The business of the Corporation is to identify and evaluate businesses or assets with a view to completing a reactivation transaction on the Exchange.

Following the sale of certain assets in February, 2005, the Corporation did not engage in any active business other than to preserve and/or convert into cash any assets remaining with the Corporation and to pursue future shareholder enhancing opportunities. The Corporation intends to review and pursue opportunities to unlock the value of its unrecorded future income tax assets.

This press release may contain forward-looking statements relating to the Corporation. Among the important factors that could cause actual results to differ materially from those indicated by such forward looking statements are competitive pressures, technical difficulties, market acceptance, changes in customer requirements, and general economic conditions, and other risks and uncertainties as described from time to time in Corporation's reports, registration statements and filings filed by the Corporation with securities regulatory authorities.

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

The securities of EG being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • E.G. Capital Inc.
    William G. Edwards
    CFO
    (416) 260-2145 ext 230