Primary Corp.

Primary Corp.

April 27, 2009 19:23 ET

Primary Corp. Reports 2008 Financial Results

TORONTO, ONTARIO--(Marketwire - April 27, 2009) - Primary Corp. (TSX VENTURE:PYC) reported a net loss of $2.0 million for the year ended December 31, 2008 as a result of a decline in the market value of some of its investments. Cash flow from operations during the year was $287,000 and the cash balance at the end of the year was $10.3 million. The Company was successful in growing its asset base through the amalgamation with TransAmerica Industries that occurred in August 2008. However as a result of the market downturn, the value of the investments in the Company's portfolio declined during the year.

The complete financial statements along with management's discussion and analysis can be found on the Company's website ( and on SEDAR (


The meltdown in the financial markets over the previous six months has been devastating. As a provider of capital, we have been hoarding our substantial cash position. We are a patient strategic investor in our investee companies. In this challenging period, we are searching for quality assets at favourable prices. We remain diligent in this endeavour.

The beginning of 2009 has shown a modest improvement in the markets and an even more significant improvement in the Company's portfolio. As of the date of this report, the market value of the publicly traded available-for-sale investments has increased by 28% since the end of December.

About Primary Corp.

Primary Corp. trades on The TSX Venture Exchange under the symbol PYC. Primary is a diversified venture capital and merchant banking firm focused on the small cap market that will seek to make equity investments and bridge loans in appropriate companies.

Forward Looking Statements: This news release contains certain information that may constitute forward-looking statements under applicable securities laws. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the results anticipated or implied herein and variations may be material. There is no representation by the Company that actual results achieved will be the same in whole or in part as those implied in any forward looking statements.

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The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.

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