Sabrich Capital Corporation
TSX VENTURE : SBH.P

January 21, 2008 12:34 ET

Sabrich Capital Corporation Releases Annual Financial Statements

CALGARY, ALBERTA--(Marketwire - Jan. 21, 2008) - Sabrich Capital Corporation ("Sabrich") (TSX VENTURE:SBH.P) released on January 18, 2008 its audited annual financial statements for the year ended September 30, 2007.

The net loss and comprehensive loss for the year ended September 30, 2007 was $164,028 compared to $Nil during the period in 2006.



SUMMARY OF INCOME STATEMENT INFORMATION

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Income Statement 2007 2006
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Total Revenue $ - $ -
Expenses $ 184,425 $ -
Net loss and Comprehensive loss $(164,028) $ -
Per share - basic and diluted $ (0.028) $ -
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SUMMARY OF CASH FLOW INFORMATION

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Cash Flow 2007 2006
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Cash from operating activities $(58,118) $ (5)
Cash from financing activities $745,975 $115,000
Change in cash and cash equivalents $687,857 $114,995
Cash and cash equivalents - beginning of period $114,995 $ -
Cash and cash equivalents - end of period $802,852 $114,995
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SUMMARY OF BALANCE SHEET INFORMATION

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Balance Sheet 2007 2006
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Cash and cash equivalents $802,852 $114,995
Total Assets $823,997 $127,500
Total Liabilities $ 36,650 $ 12,500
Share capital $811,475 $115,000
Total Shareholders' Equity $787,347 $115,000
Total Liabilities & Shareholders' Equity $823,997 $127,500
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RESULTS OF OPERATIONS

The Corporation is classified as a "Capital Pool Company" for the purposes of the policies of the TSX Venture Exchange. The Corporation completed its initial public offering on February 5, 2007 at which time the Corporation was approved for public trading and thereafter has traded under the symbol 'SBH'. As a Capital Pool Company, the Corporation's current business is to identify and evaluate businesses and assets with a view to completing a "Qualifying Transaction".

Except as described in the Corporation's Prospectus dated November 21, 2006, the funds raised pursuant to the Corporation's initial Public Offering (the "Offering") and any subsequent financing raised prior to the Qualifying Transaction are intended to be utilized only for the identification and evaluation of potential Qualifying Transactions and not for any deposit, loan or direct investment in a potential acquisition.

As at September 30, 2007 the Corporation had no active operations. For the year ended September 30, 2007 the Corporation had a net loss and comprehensive loss of $164,028 compared to $Nil during the period in 2006. The net loss primarily relates to professional fees incurred in it's efforts to identify and evaluate investments with a view to completing a Qualifying Transaction.

The Corporation entered into a letter agreement with a private company on September 11, 2007 which was amended on October 11, 2007. On December 11, 2007, the Corporation announced it was not proceeding with the Qualifying Transaction as the private company did not meet the minimum listing requirements without further work being done on the mining properties it held. The Corporation determined that it was in the best interests of the Corporation to terminate the amended letter agreement with the private company. The shares of the Corporation resumed trading on December 12, 2007.

On December 18, 2007 the shares of the Corporation were halted from trading pursuant to matters disclosed in the December 21, 2007 press release announcing that a letter of intent was signed on December 17, 2007 with a private company for a Qualifying Transaction. The private company, Sentinel Rock Oilsands Corporation, is involved with the acquisition, exploration and development of heavy oil sands properties in Canada.

Advisory

This news release contains certain forward-looking statements, which may include assumptions. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.

Certain information regarding Sabrich set forth in this document, including management's assessment of Sabrich's future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties. Sabrich's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Corporation will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

The forward-looking statements contained in this document are made as at the date of this news release and Sabrich does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Further Information related to the Corporation, including the company's September 30, 2007 Audited Financial Statements and Management Discussion and Analysis for the year ended September 30, 2007, is filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and can be reviewed at www.sedar.com.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Sabrich Capital Corporation
    Michael Rousseau
    (403) 816-1947