Primary Corp.
TSX VENTURE : PYC

Primary Corp.

March 09, 2011 16:30 ET

Primary Corp. Reports 2010 Net Income of $11.4 Million

TORONTO, ONTARIO--(Marketwire - March 9, 2011) - Primary Corp. (TSX VENTURE:PYC) reported a net income of $11.4 million for the year ended December 31, 2010 (34 cents per share). Comprehensive income, which includes unrealized gains on available-for-sale investments, was $12.2 million for the year.

Primary has aggregated an investment and loan portfolio that has a value of $39.0 million as of December 31, 2010. In addition, the Company has a cash position of $13.2 million that provides it with sufficient resources to operate and gives it adequate resources to take advantage of opportunities that may present themselves.

Primary recently announced that it intends to shift its business strategy to focus on natural resource lending. The strategic change to natural resource lending puts the Company in a position to finance small and mid-tier resource companies that do not currently have adequate financing opportunities. The resource-based portfolio is expected to produce attractive interest yields, with the additional upside on ancillary equity participation in companies financed. Primary expects to capitalize on the growing non-traditional resource financing sector.

The complete financial statements along with management's discussion and analysis can be found on the Company's website (www.primarycorp.ca) and on SEDAR (www.sedar.com).

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 makes 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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