SOURCE: Forum National Investments Ltd.

June 09, 2009 12:04 ET

Forum National Investments Reports 2009 Second Quarter, Six Month Results

VANCOUVER, BC--(Marketwire - June 9, 2009) - Forum National Investments Ltd. (FNI) (OTCBB: FMNLF) today reported its financial results for the second quarter and six months ended March 31, 2009. (All figures in Canadian dollars.)

For the second quarter ended March 31, 2009, FNI reported revenues and net income of $ 1,513,548 and of $ 347,908 ($ 0.01 per share), respectively, compared to net revenues and net income of $ 1,633,100 and $ 15,539 ($ 0.00 per share), respectively, for the comparable period ended March 31, 2008.

For the six month period ended March 31, 2009, FNI reported six month revenues and net income of $ 3,125,272 and $ 766,959 ($ 0.03 per share), as compared to net revenues of $ 2,783,454 and a net loss of $ (301,282) ($ 0.00 per share) for the comparable year ago period.

"We ended the second quarter with a strong cash position in excess of $ 6.2 million and were successful in substantially reducing our operating expenses by nearly 50% or $ 1,482,052 due to a scale back of active marketing of our Travel Club operations," said Dan Clozza, President and CEO, FNI. "Our results for the second quarter and six months would have been considerably stronger, absent our decision to currently exit the real estate business which resulted in a $ 750,000 charge on our write-off of the Needles Project. Accordingly, we now have no further exposure to the recreational real estate market."

Mr. Clozza added, "We continue to diligently seek out Life Settlement opportunities which now abound in the market, and which we view as the best channel into which to invest our capital to generate significant returns."

FORUM NATIONAL INVESTMENTS LTD.
Condensed Consolidated Statements of Operations and Deficit (Unaudited)
(Expressed in Canadian dollars)

                   Three Months Ended March 31, Six Months Ended March 31,
                        2009          2008          2009          2008
                    ------------  ------------  ------------  ------------

Revenues
  Revenues          $  1,513,548  $  1,633,100  $  3,125,272  $  2,783,454
                    ------------  ------------  ------------  ------------

Net Revenues           1,513,548     1,633,100     3,125,272     2,783,455
                    ------------  ------------  ------------  ------------

Expenses
  General and
   administration        132,162     1,598,451     1,133,170     3,047,352
  Amortization of
   property and
   equipment             110,517        19,110       128,840        37,385
  Amortization of
   purchased
   memberships           170,338             -       340,675             -
                    ------------  ------------  ------------  ------------

Total Operating
 Expenses                413,017     1,617,561     1,602,685     3,084,737
                    ------------  ------------  ------------  ------------

Other Expenses
  Write-off Needles
   Project               752,624             -       752,624             -
                    ------------  ------------  ------------  ------------

Total Other Expenses     752,624     1,617,561       752,624     3,084,737
                    ------------  ------------  ------------  ------------

Income (Loss)
 Before Income Taxes     350,889        15,539       769,963      (301,282)
Income Taxes Expense      (3,004)            -        (3,004)            -
                    ------------  ------------  ------------  ------------

Net Income (Loss)
 for the Period          347,908        15,539       766,959      (301,282)
Deficit, Beginning
 of Period           (11,491,596)  (14,529,907)  (11,910,648)  (14,213,086)
                    ------------  ------------  ------------  ------------

Deficit, End of
 Period             $(11,143,689) $(14,514,368) $(11,143,689) $(14,514,368)
                    ============  ============  ============  ============

Basic earnings per
 share              $       0.01  $       0.00  $       0.03  $       0.00
Diluted earnings
 per share          $       0.00  $       0.00  $       0.01  $       0.00
                    ============  ============  ============  ============

About FNI:

Forum National Investments Ltd. (http://www.foruminvestments.com/) is a publicly held company currently trading on the OTCBB under the symbol FMNLF. Our primary business revolves around developing consumer driven organizations designed to enhance lifestyles. The company's Life Settlement operations in the United States are conducted through its wholly owned subsidiary, The American Life Settlements. (ALSS) http://www.thealss.com/.

For further information contact: Dan Clozza 604-806-6098

The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although Forum believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels and other factors could cause actual results to differ materially from Forum's expectations.

Contact Information

  • Contact:
    For further information contact:
    Dan Clozza
    604-806-6098