Quantum International Income Corp.
TSX VENTURE : QIC.U
TSX VENTURE : QIC

Quantum International Income Corp.

October 30, 2014 17:43 ET

Quantum International Income Corp. Announces Results for the Three and Six Months Ended August 31, 2014

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES OR DISSEMINATION IN THE UNITED STATES

Quantum International Income Corp. (TSX VENTURE:QIC.U)(TSX VENTURE:QIC), ("Quantum" or the "Company" or "QIIC"), today announces results for the three and six months ended August 31, 2014.

With effect from March 14, 2014, the name of the Company changed from "E.G. Capital Inc." to "Quantum International Income Corp".

Comparison of the three and six months ended August 31, 2014 and August 31, 2013

Revenue was $nil for the three month period ended August 31, 2014 as compared to $nil for the same period last year.

Administrative expenses were $1,377,355 for the three months ended August 31, 2014 as compared to $85,106 for the same period last year. The increase in administrative expenses compared to the prior year is primarily related to the reactivation transaction and acquisitions.

For the three months ended August 31, 2014, administrative expenses included $1,007,734 in professional and advisory expenses, $217,023 in management fees, $32,463 in regulatory related expenses, and $120,135 in general and other administrative expenses. For the three months ended August 31, 2013, the Company incurred $77,101 in professional and advisory expenses, $7,419 in regulatory related expenses and $586 general administrative expenses.

Administrative expenses were $1,683,741 for the six months ended August 31, 2014 as compared to $101,271 for the same period last year. The increase in administrative expenses compared to the prior year is primarily related to the reactivation transaction and acquisitions.

For the six months ended August 31, 2014, administrative expenses included $1,131,035 in professional and advisory expenses, $319,442 in management fees, $59,648 in regulatory related expenses, and $173,616 in general and other administrative expenses. For the six months ended August 31, 2013, the Company incurred $89,101 in professional and advisory expenses, $11,584 in regulatory related expenses and $586 in general administrative expenses.

As a result of the foregoing factors, the loss for the three and six months ended August 31, 2014 was $1,380,802 and $1,694,573, respectively. $57,419 of the net loss for the three and six months ended August 31, 2014 is attributable to the non-controlling interest in the subsidiary that acquired the Roseland Assets.

The net loss for the three and six months ended August 31, 2013 was $86,258 and $102,441, respectively

About Quantum International Income Corp

QIIC seeks to acquire operating businesses with a proven track record, an opportunity for growth and whose management wishes to continue to operate the business going forward. The Company's acquisition approach will be to grow through the acquisition of "platform" businesses that are consistent with its business strategy, investment policy and acquisition criteria and then to continue to build revenues and earnings within these businesses. Potential acquisition targets may be private or public companies in a variety of industries, thereby allowing for diversification. Value will be created by seeking out high growth, high margin opportunities where the acquired businesses can maintain and develop the deep knowledge, expertise and understanding of their customers' needs required to deliver superior service and command higher pricing and margins than the competition.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements and forward-looking information (collectively, "Forward-Looking Statements") and QIIC cautions investors about important factors that could cause QIIC's actual results to differ materially from those expressed, implied or projected in any Forward-Looking Statements included in this press release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "may", "could", "believes", "estimates", "intends", "plans", "forecast", "projection" and "outlook") are not historical facts and may be Forward-Looking Statements that involve projections, estimates, assumptions, known and unknown risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such Forward-Looking Statements or otherwise materially inaccurate. No assurance can be given that these expectations or assumptions will prove to be correct and such Forward-Looking Statements included in this press release should not be unduly relied upon. These Forward-Looking Statements speak only as of management's beliefs and expectations as of the date of this press release. In addition, this press release may contain Forward-Looking Statements drawn from or attributed to third party sources. Accordingly, any such statements are qualified in their entirety by reference to the information discussed throughout this press release.

Unless otherwise specified in this press release, information contained in this press release is current as of the date of this press release. Unless otherwise specified, all dollar amounts herein refer to Canadian dollars. Additional information on these and other factors that could affect the operations or financial results of QIIC and its subsidiaries are included in disclosure documents filed by QIIC with the securities regulatory authorities, available under QIIC's profile on SEDAR at www.sedar.com.

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.

Contact Information

  • Quantum International Income Corp.
    Roy L. Booth CPA, CA
    CFO
    (416) 477-3400