Sabrich Capital Corporation
TSX VENTURE : SBH.P

February 29, 2008 16:05 ET

Sabrich Capital Corporation Releases First Quarter Financial Statements

CALGARY, ALBERTA--(Marketwire - Feb. 29, 2008) - Sabrich Capital Corporation ("Sabrich") (TSX VENTURE:SBH.P) released today its unaudited financial statements for the three month period ended December 31, 2007.

The net and comprehensive loss for the three month periods ended December 31, 2007 and 2006 were $18,934 and $9,871 respectively.



SUMMARY OF INCOME STATEMENT INFORMATION

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Income Statement Oct 1 - Dec 31 Oct 1 - Dec 31
2007 2006
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Total Revenue $ - $ -
Expenses $ 21,333 $ 9,781
Net income (loss) for period $(18,934) $(9,781)
Per share - basic and diluted $ (0.002) $(0.004)
Weighted average shares outstanding - basic 9,000,000 2,300,000
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SUMMARY OF CASH FLOW INFORMATION

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Cash Flow Oct 1 - Dec 31 Oct 1 - Dec 31
2007 2006
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Cash from operating activities $(27,606) $(38,144)
Change in cash and cash equivalents $(27,606) $(38,144)
Cash and cash equivalents - beginning
of period $802,852 $114,995
Cash and cash equivalents - end of period $775,246 $ 76,851
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SUMMARY OF BALANCE SHEET INFORMATION

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Balance Sheet December 31, September 30,
2007 2007
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Cash and cash equivalents $775,246 $802,852
Total Assets $823,573 $823,997
Total Liabilities $ 55,160 $ 36,650
Share capital $811,475 $811,475
Total Shareholders' Equity $768,413 $787,347
Total Liabilities & Shareholders' Equity $823,573 $823,997
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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". The Corporation signed a letter of intent 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 oil and gas properties in Canda including heavy oil sands properties. The Qualifying transaction is subject to the receipt of shareholder and regulatory approval.

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 December 31, 2007 the Corporation had no active operations. For the three month periods ended December 31, 2007 and 2006 the Corporation had net losses of $18,934 and $9,781 respectively. The losses primarily related to legal, accounting and regulatory related expenses.

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 December 31, 2007 Financial statements and Management Discussion and Analysis for the period ending December 31, 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