FLAGSHIP INDUSTRIES INC.

February 28, 2005 11:07 ET

Flagship Industries Inc.: News Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FLAGSHIP INDUSTRIES INC.

TSX VENTURE SYMBOL: FII

FEBRUARY 28, 2005 - 11:07 ET

Flagship Industries Inc.: News Release

MARKHAM, ONTARIO--(CCNMatthews - Feb. 28, 2005) - Flagship Industries
Inc. (TSX VENTURE:FII) of Markham, Ontario reports net earnings of
$120,963 for the year ended November 30, 2004 compared to net earnings
of $54,572 for the same period last year. Earnings per common share for
the year ended November 30, 2004 were 2 cents versus a earnings of 1
cent per common share of in 2003. Book value per share was 11.1 cents at
November 30, 2003 compared to 9.2 cents at November 30, 2003.



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Years ended November 30 2004 2003
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Net earnings 120,963 54,572
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Net earnings per share 0.02 0.01
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Average number of shares outstanding 6,113,275 6,113,275
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Flagship is a holding company based in Markham, Ontario, having various
investments in Canada and the United States. The Company currently has
issued and outstanding 6,113,275 common shares. The directors of the
Company are Joseph A. Devine, CEO, Cynthia J. Devine and G. Michael
Devine.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Flagship Industries Inc.
    Suzanne Blythe
    (905) 477-7689
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.