Gulf & Pacific Equities Corp.
TSX VENTURE : GUF

Gulf & Pacific Equities Corp.

April 28, 2009 09:00 ET

Gulf & Pacific Equities Corp. Reports on 2008 Year End Results

2.3% Revenue Decrease in 2008 with FFO of $0.08 per Share

TORONTO, ONTARIO--(Marketwire - April 28, 2009) -

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED STATES

Gulf & Pacific Equities Corp. (TSX VENTURE:GUF) an established company focused on the acquisition, management and development of grocery store anchored shopping centres in Western Canada, reports a 2.3% decrease in revenues to $4,388,561 in 2008 from $4,490,005 in 2007. In addition, Funds From Operations ("FFO") were $675,896 or $0.08 per share for the year ended December 31st, 2008 compared to $543,268 or $0.07 per share in 2007. Details of the three and twelve months financial results for fiscal 2008 and 2007 are summarized below and are also available at www.sedar.com or at the company's website www.gpequities.com.



Year Ended Three Months Ended
(Audited) (Unaudited)
December 31, December 31,
2008 2007 2008 2007
----------------------- -----------------------
Revenue $ 4,388,561 $ 4,490,005 $ 866,131 $ 1,140,880
Income (Loss) for the period (615,512) (385,827) (424,539) 50,186
Earnings (Loss) per common
share - basic and diluted (0.07) (0.05) (0.05) 0.01
Funds from operations for
the period 675,896 543,268 211,939 125,161
Funds from operations per
common share - basic and
diluted 0.08 0.07 0.02 0.01
Weighted average number of
common shares outstanding
during the period
- basic and diluted 8,749,342 8,346,715 8,854,096 8,644,674


Full details are available at www.sedar.com or at the company's website www.gpequities.com.

Cautionary Statements

This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Gulf & Pacific Equities. Forward-looking statements include, but are not limited to, statements with respect to the benefits of the offering and option transaction. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Gulf & Pacific Equities to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: economic conditions in Western Canada, interest rates, raising less than the required capital; not realizing on the anticipated benefits from the transaction or not realizing on such anticipated benefits within the expected time frame; and other risks of the real estate industry. Although management of Gulf & Pacific Equities has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gulf & Pacific Equities does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Gulf & Pacific Equities Corp.
    Mr. Anthony Cohen
    President and Chief Executive Officer
    (416) 968-3337
    (416) 968-3339 (FAX)
    or
    Gulf & Pacific Equities Corp.
    Suite 300, 1300 Bay Street
    Toronto, Ontario M5R 3K8
    Email: info@gpequities.com
    Website: www.gpequities.com