TORONTO, ONTARIO--(Marketwired - Aug. 15, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION BY ANY UNITED STATES NEWS DISTRIBUTION SERVICE
Quinsam Capital Corporation (CNSX:QCA) ("Quinsam" or the "Company") today released unaudited financial results for the second quarter ended June 30, 2016 and provided investors with an update on recent developments.
Quinsam reported net income of $130,739 in Q2/2016 ($0.00 per share) versus $269,789 in Q2/2015 ($0.01 per share). The quarterly profit was after a non-cash expense of a little over $10,000 for share-based compensation.
"We were pleased to see Quinsam return to profitability in Q2/2016 after a difficult period in Canadian markets generally and in particular small cap markets" said Roger Dent, CEO of Quinsam.
Quinsam's financial results and MD&A have been posted on sedar.com.
Update on Recent Events
"In recent months, market conditions in the small cap market have considerably improved" said Roger Dent. "After a profitable Q2, and with Q3 now almost half completed, we remain on track to report a profitable result in the current quarter."
"As mentioned in our last press release, we have seen liquidity events in two of our private investments, Imex Systems Inc. and Deveron UAS Corp. We have also seen share price increases in many of our publicly-traded investments."
Stock Buyback Program
In Q2/2016, Quinsam acquired 35,000 shares at a cost of $2,800 pursuant to its normal course issuer bid to purchase up to 1,320,383 of its common shares. Since then, Quinsam has acquired a further 282,000 shares, which brings our total purchases under the issuer bid to 347,000 shares. All shares were purchased at $0.08, a level which makes purchases accretive to NAV for remaining shareholders.
About Quinsam Capital Corporation
Quinsam is a merchant bank based in Canada. Our merchant banking business may encompass a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Quinsam invests its capital for its own account in assets, companies or projects which we believe are undervalued and where we see a viable plan for unlocking such value. We do not invest on behalf of any third party and we do not offer investment advice.
Generally, Quinsam does not believe that individual investments are material reportable events. Quinsam chooses to announce certain investments once the company is certain that it has finished buying its position because the Company feels that this information helps Quinsam's investors understand its investment decision making process. Generally, Quinsam does not announce the sale of investments.
This press release may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events, which are inherently uncertain. Forward-looking statements can often, but not always, be identified by forward-looking words such as "anticipate", "believe", "continue", "expect", "goal", "plan", "intend", "estimate", "may", "project", "predict", "potential", "target", and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.
By their nature, forward-looking statements require us to make assumptions which include, among other things, that (i) Quinsam will have sufficient capital under management to effect its business strategies, (ii) the business strategies will produce the results intended by Quinsam, and (iii) the markets will react and perform in a manner consistent with the business strategies.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes that the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct. Some of the risks and other factors that could cause actual results to differ materially from those expressed in forward-looking information expressed in this press release include, but are not limited to: market and general economic conditions, interest rates, regulatory and statutory developments, the nature of the Company's investments, the available opportunities and competition for investments, the concentration of the Company's investments in certain industries and sectors, reliance on key personnel, risks affecting the Company's investments, management of the growth of the Company, and exchange rate fluctuations. Readers are cautioned that the foregoing list of risks and factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual events or results to differ materially from those described in forward- looking information, there may be other factors that cause events or results to differ from those intended, anticipated or estimated.
The forward-looking information contained herein is provided as at the date of the date of this press release, based upon the opinions and estimates of management and information available to management as at the date of this press release. The Company does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable law. Readers are cautioned not to place undue reliance on forward-looking information contained in this press release.