TORONTO, ONTARIO--(Marketwired - March 24, 2014) - Penfold Capital Acquisition IV Corporation (the "Company") (TSX VENTURE:SEL), has released its audited consolidated financial statements for the year ended September 30, 2013 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
For the year ended September 30, 2013 the Company had revenues of $3,408,076, a 1% increase over the $3,387,552 in the same period last year. The Company lost $776,630 or $0.02 per share compared with net income of $131,836 or $0.00 in the previous year. Included in the current year expenses are expenses related to the acquisition of the Company's wholly owned subsidiary, SLM Logistics Corporation, in the aggregate amount of $317,000 and a $258,000 provision for slow moving inventory. These charges were not incurred in last year's financial statements.
"Fiscal 2013 was an exciting year for the Company as we completed the acquisitions of SLM Logistics Corporation and RL Marketplace," said Vito Buffone, President and Chief Executive Officer. "We are working on closing the acquisition of Service Results Technology Inc. as well as several internal growth initiatives including opening our first operating plant in the United States. We look forward to reporting these results in the coming year."
With the filing of the year-end audited financials the Company expects to file its financials for the first quarter of fiscal 2014 in the coming week.
Copies of the unaudited financial statements and related MD&A can be found on SEDAR at www.sedar.com.
About Penfold Capital Acquisition IV Corporation
The Company, through its wholly owned subsidiary SLM Logistics Corporation, is dedicated to managing consumer and retail store returns and defective and problematic electronics through product end-of-life management. The Company provides manages returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Company is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. An independent Waste Audit Report shows that the Company is able to achieve a waste diversion rate of 98.6%. This means that companies using the Company's processes are able to divert 98.6% of their product from landfill sites. The Company is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Company currently operates only in Ontario.
Neither 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.
Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the industry; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.