Fronsac Capital Inc.
TSX VENTURE : GAZ

Fronsac Capital Inc.

August 19, 2011 10:41 ET

Fronsac Capital Inc. Releases Interim Financial Statements

MONTREAL, QUEBEC--(Marketwire - Aug. 19, 2011) - Fronsac Capital Inc. ("Fronsac") (TSX VENTURE:GAZ) today released its unaudited consolidated financial statements for the second quarter ended June 30, 2011.

The net income of the second quarter was $9,579 or $0.001 per share [2010: $41,258 or $0.004]. The 2011 net income includes an expense of $28,369 related to the conversion of Fronsac to a real estate investment trust which took effect as of July 1st, 2011.

Since 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

Income June 30, 2011 June 30, 2010
Revenue $132,046 $125,171
Net income $9,579 $41,258
Per share – basic and diluted $0.001 $0.004
Weighted average shares outstanding – basic and diluted 13,790,000 11,440,000

SUMMARY OF CASH FLOWS INFORMATION

Cash Flows June 30, 2011 June 30, 2010
Cash from operating activities $ (26,448 ) $ 18,903
Cash from investing activities $ 17,000 $ 0
Cash from financing activities $ (47,794 ) $ (47,794 )
Increase (decrease) in cash $ (57,242 ) $ (28,891 )
Cash – beginning of period $ 833,315 $ 362,275
Cash – end of period $ 776,073 $ 333,384

SUMMARY OF BALANCE SHEET INFORMATION

Balance Sheets June 30, 2011 December 31, 2010
Cash $ 776,073 $ 886,968
Investment Properties $ 6,076,096 $ 6,084,704
Total Assets $ 7,054,774 $ 7,141,147
Total Liabilities $ 3,740,110 $ 3,847,334
Total Equity $ 3,314,664 $ 3,293,813
Book value per share $ 0.24 $ 0.29

The Company's June 30, 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