Essex Angel Capital Inc.
TSX VENTURE : EXC

Essex Angel Capital Inc.

July 03, 2012 19:39 ET

Essex Angel Capital Announces Financial Results for the Three Months Ended May 31, 2012

Reports EPS of $0.206 and Asset Growth of 568% Over Prior Quarter

WINDSOR, ONTARIO--(Marketwire - July 3, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Essex Angel Capital Inc. (TSX VENTURE:EXC) (the "Corporation") today announces the filing of its unaudited financial results for the three and nine-month period ended May 31, 2012. During the three month period ended May 31, 2012 the Corporation posted net and comprehensive income of $7,625,659.

The net income derives from a reported $10,394,917 unrealized increase in the estimated fair value of the Corporation's investments, partly offset by a related future income tax expense of $2,416,509, and operating expenses of $353,049.

The current quarter's net income translates to $0.206 per share, basic and fully diluted. Total assets have increased by 568% from the February 29, 2012 balance sheet and 493% from the August 31, 2011 balance sheet. Excluding future income taxes, the Corporation's balance sheet remains free of long-term liabilities.

Selected financial information follows:

Quarter ended May 31, 2012 (unaudited) Quarter ended February 29, 2012 (unaudited) Year ended August 31, 2011 (audited)
Income (loss) for the quarter / year, before income taxes $10,042,168 ($149,648 ) ($748,557 )
Provision for income taxes ($2,416,509 ) $- $-
Earnings (loss) per share - basic and fully diluted $0.206 ($0.005 ) ($0.033 )
Working capital $120,869 $71,716 $422,319
Total assets $12,467,879 $1,865,379 $2,101,878

"The Essex management and board are pleased to report this quarter's results to our shareholders," commented Rick Galdi, the Corporation's Chairman and CEO.

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

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