Gulf & Pacific Equities Corp.

Gulf & Pacific Equities Corp.

August 29, 2007 17:55 ET

Gulf & Pacific Equities Corp. Second Quarter Results

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2007) -


Gulf and Pacific Equities Corp. (TSX VENTURE:GUF) is pleased to announce revenue of $2,161,549 and funds from operations ("FFO") of $547,275 or $0.07 per share for the six months ended June 30, 2007.

Details of the second quarter's financial results are available at or at the company's website A summary of the three and six months results for fiscal 2007 and 2006 are presented below:

Six Months Ended Three Months Ended
(Unaudited) (Unaudited)
June 30, June 30,
2007 2006 2007 2006
------------------------- -------------------------

Revenue $ 2,161,549 $ 960,928 $ 1,109,935 $ 496,226
Loss for the period $ (227,750) $ (421,400) $ (205,078) $ (277,342)
Loss per common share -
basic and diluted $ (0.03) $ (0.06) $ (0.02) $ (0.04)
Funds from operations
for the period $ 547,275 $ (315,849) $ 304,482 $ (365,629)
Funds from operations
per common share - basic
and diluted $ 0.07 $ (0.04) $ 0.04 $ (0.05)
Weighted average number
of common shares
outstanding during the
period - basic and
diluted 8,243,732 7,629,363 8,243,732 7,695,883

On August 28, 2007, holders of the convertible debentures due September 1, 2007 agreed to extend the due date to September 1, 2008.

Gulf and Pacific Equities Corp. is active in the acquisition, management and development of grocery store-anchored shopping centres in Western Canada.

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
    Gulf & Pacific Equities Corp.
    Suite 300, 1300 Bay Street
    Toronto, Ontario, M5R 3K8
    (416) 968-3337
    (416) 968-3339 (FAX)