Jetcom Inc.
TSX VENTURE : JTM

Jetcom Inc.

April 08, 2011 13:06 ET

Jetcom Announces Corporate Update

TORONTO, ONTARIO--(Marketwire - April 8, 2011) - Jetcom Inc. ("Jetcom" or the "Company") (TSX VENTURE:JTM) provides this corporate update on its business and affairs.

Update on St. Simeon Property

On March 6, 2008, the Company announced that it had entered into an option agreement to acquire a 100% interest in 185 mining claims in Callieres Township, Charlevoix County, 180 km north of Quebec City referred to as the St. Simeon Uranium Property (the "Property"). Jetcom entered into that option agreement with the intention of satisfying the Exchange's requirements for a Change of Business to operate in the mining industry.

The option agreement lapsed in 2008, but was extended informally by the Optionor into 2010. Throughout this time, the Company had been seeking approval for the Change of Business and move forward with the acquisition of the St. Simeon Uranium Property. The Company contracted for and received a NI43-101 report on this property, and presented the report and plans for the property to the TSX Venture Exchange. The TSXV accepted the report as "generally compliant" for a Tier 2 listing. Ultimately, with the passage of time, the proposed transaction was postponed indefinitely in the fourth quarter 2010. However, the Company continues to explore interest in this sector.

The Company continues to talk to the Optionor and would consider revisiting its position should a property of mutual interest be securable, on terms satisfactory to management, the Optionor, and exchange policies, and assuming appropriate technical resources and financing can be arranged.

Business

Throughout 2010, the Company continued to investigate potential business opportunities. However, management utilizing its experience and knowledge in the financial services business, incorporated JTC Capital Inc. ("JTC") which serves as a facilitator to provide financial solutions for individuals and private companies and helps businesses identify and use available means to make capital available or raise capital on a more effective basis. Fees are earned from advisory services.

Year ended December 31, 2010. For the year ended December 31, 2010, the Company had revenues of $ 184,091 and a loss of $.0001/sh. This fee revenue (fourth quarter) was generated through JTC . Jetcom plans to continue the JTC business in 2011, and has allocated up to $20,000 of its working capital for that purpose.

2011

In February 2011, the Company announced that it closed a private placement of 3,000,000 Units (1 share and 1 warrant exercisable for 3 years @$0.15/share) for total proceeds to the Company of $150,000. As at March 21, 2011, the Company has consolidated working capital of $149,966.

Corporate

The Company held its Annual General Meeting of Shareholders ("AGM") on February 16, 2011. A. G. Dragone, Robert Coluccio and Simon Clery were re-elected to the Board of Directors. John Scholz, CA was re-elected as auditor for the Company and the Company's Option Plan was re-approved by shareholders.

The Company's audited financial statements and management discussion and analysis ("MD&A") and news releases may be viewed at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Jetcom Inc.
    A. G. Dragone
    President
    (416) 447-4884
    (416) 447-8868