Sabrich Capital Corporation
TSX VENTURE : SBH.P

May 28, 2007 23:59 ET

Sabrich Capital Corporation Releases Second Quarter Financial Statements

CALGARY, ALBERTA--(Marketwire - May 28, 2007) - Sabrich Capital Corporation ("Sabrich") (TSX VENTURE:SBH.P) released today its unaudited financial statements for its three month and six month periods ended March 31, 2007.

The net loss for the three month and six month periods ended March 31, 2007 were $111,051 and $120,832 respectively.



SUMMARY OF INCOME STATEMENT INFORMATION
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Income Statement January 1 to October 1 to
March 31, 2007 March 31, 2007
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Total Revenue N/A N/A
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Expenses $ 115,679 $ 125,460
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Net income (loss) for period $ (111,051) $ (120,832)
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Per share - basic and diluted $ (0.015) $ (0.025)
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Weighted average shares outstanding - basic 7,246,667 4,821,978
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SUMMARY OF CASH FLOW INFORMATION
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Cash Flow January 1 to October 1 to
March 31, 2007 March 31, 2007
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Cash from operating activities $ 94,356 $ 56,212
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Cash from financing activities $ 696,475 $ 696,475
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Change in cash and cash equivalents $ 790,831 $ 752,687
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Cash and cash equivalents - beginning of
period $ 76,851 $ 114,995
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Cash and cash equivalents - end of period $ 867,682 $ 867,682
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SUMMARY OF BALANCE SHEET INFORMATION

Balance Sheet March 31, September 30,
2007 2006
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Cash and cash equivalents $ 867,682 $ 114,995
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Total Assets $ 875,251 $ 127,500
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Total Liabilities $ 44,708 $ 12,500
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Share capital $ 811,475 $ 115,000
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Total Shareholders' Equity $ 830,543 $ 115,000
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Total Liabilities & Shareholders' Equity $ 875,251 $ 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". The Corporation has not commenced commercial operations, has not identified any potential Qualifying Transactions and has no assets other than a minimum amount of cash.

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 March 31, 2007 the Corporation had no active operations. For the 3 month and 6 month periods ended March 31, 2007 the Corporation had net losses of $111,051 and $120,832 respectively. The losses primarily related to accounting fees and stock based compensation which were included in professional fees.

Further Information related to the Corporation, including the company's March 31, 2007 Financial statements and Management Discussion and Analysis for the period ending March 31, 2007, is filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and can be reviewed at www.sedar.com.

Contact Information

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