Fronsac Capital Inc.
TSX VENTURE : GAZ

Fronsac Capital Inc.

June 28, 2011 18:19 ET

Fronsac Capital Inc. Releases Interim Financial Statements

MONTREAL, QUEBEC--(Marketwire - June 28, 2011) - Fronsac Capital Inc. ("Fronsac") (TSX VENTURE:GAZ) today released its unaudited consolidated financial statements for the first quarter ended March 31, 2011.

The net income of the first quarter was $11,272 or $0.001 per share [2010: $61,411 or $0.005]. The 2011 net income includes an expense of $42,872 related to the conversion of Fronsac to a real estate investment trust.

As of January 1st 2011, as required by the Canadian Accounting Standards Board, Fronsac presents its financial statements under the International Financial Reporting Standards ("IFRS"). The comparative quarter of 2010 has also been adjusted to IFRS.

SUMMARY OF INCOME STATEMENT INFORMATION

IncomeMarch 31, 2011March 31, 2010
Revenue$122,911$123,624
Net income$11,272$61,411
Per share – basic and diluted$0.001$0.005
Weighted average shares outstanding – basic and diluted13,790,00011,440,000

SUMMARY OF CASH FLOWS INFORMATION

Cash FlowsMarch 31, 2011March 31, 2010
Cash from operating activities$2,533$21,591
Cash from investing activities$(8,392)$0
Cash from financing activities$(47,794)$(47,794)
Increase (decrease) in cash$(53,653)$(26,203)
Cash – beginning of period$886,968$388,478
Cash – end of period$833,315$362,275

SUMMARY OF BALANCE SHEET INFORMATION

Balance SheetsMarch 31, 2011December 31, 2010
Cash$833,315$886,968
Investment Properties$6,093,096$6,084,704
Total Assets$7,123,356$7,141,147
Total Liabilities$3,818,271$3,847,334
Total Equity$3,305,085$3,293,813
Book value per share$0.24$0.29

The Company's March 31, 2011 financial statements may be viewed on SEDAR at www.sedar.com

Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accept any responsibility for the adequacy or accuracy of this release.

Contact Information

  • Michel Lassonde
    President
    450-536-5328