Primary Corp.
TSX VENTURE : PYC

Primary Corp.

May 29, 2009 17:52 ET

Primary Corp. Reports Comprehensive Income of $2,626,343 in First Quarter

TORONTO, ONTARIO--(Marketwire - May 29, 2009) - Primary Corp. (TSX VENTURE:PYC) reports that it recorded net income of $197,216 and comprehensive income of $2,626,343 during the quarter ended March 31, 2009. The Company earned sufficient interest income from its loans and cash deposits to fund its operations. Increases in the value of investments recognized during the quarter provided the reported comprehensive income.

At March 31, Primary had a portfolio of investments that included $15.3 million in investments, $2.0 million in loans receivable and $3.4 million in mineral properties. In addition, the Company retained $9.9 million in cash and cash equivalents.

The markets have rebounded somewhat from their collapse in 2008. This has resulted in a substantial improvement in the Company's portfolio and is reflected in the results for the quarter. The Company remains confident that gold company shares and resources in general will be an enduring theme as the world economies recover and inflation creeps back in to the financial system.

The financial statements along with management's discussion and analysis can be found on SEDAR (www.sedar.com).

About Primary Corp.

Primary Corp is a diversified venture capital and merchant banking firm focused on the small cap market. It seeks to make equity investments and bridge loans in appropriate companies. Primary is listed on the TSX Venture Exchange under the trading symbol: "PYC".

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.

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

Contact Information

  • Primary Corp.
    Rob Pollock
    President & CEO
    (416) 214-9672