Sabrich Capital Corporation
TSX VENTURE : SBH.P

May 13, 2008 18:41 ET

Sabrich Capital Corporation Releases Second Quarter Financial Statements

CALGARY, ALBERTA--(Marketwire - May 13, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS.

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, 2008.

The net loss for the three month and six month periods ended March 31, 2008 were $15,372 and $34,306 respectively.



SUMMARY OF INCOME STATEMENT INFORMATION

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Income Statement January 1 to October 1 to
March 31, 2008 March 31, 2008
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Total Revenue - -
Expenses $ 27,311 $ 48,644
Net and comprehensive loss for period $ 15,372 $ 34,306
Per share - basic and diluted $ (0.002) $ (0.004)
Weighted average shares outstanding - basic 9,000,000 9,000,000
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SUMMARY OF CASH FLOW INFORMATION

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Cash Flow January 1 to October 1 to
March 31, 2008 March 31, 2008
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Cash from operating activities $ (9,883) $ (37,489)
Cash from financing activities - -
Change in cash and cash equivalents $ (9,883) $ (37,489)
Cash and cash equivalents - beginning of
period $ 775,246 $ 802,852
Cash and cash equivalents - end of period $ 765,363 $ 765,363
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SUMMARY OF BALANCE SHEET INFORMATION

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Balance Sheet March 31, September 30,
2008 2007
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Cash and cash equivalents $ 765,363 $ 802,852
Total Assets $ 850,013 $ 823,997
Total Liabilities $ 96,772 $ 36,650
Share capital $ 811,475 $ 811,475
Total Shareholders' Equity $ 753,041 $ 787,347
Total Liabilities & Shareholders' Equity $ 850,013 $ 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. A special meeting of the Corporation is scheduled for May 15, 2008 where the shareholders will vote on a special resolution approving the amalgamation agreement dated as of December 20, 2007 between the Corporation and Sentinel.

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, 2008 the Corporation had no active operations. For the 3 month and 6 month periods ended March 31, 2008 the Corporation had net losses of $15,372 and $34,306 respectively. The net loss is primarily related to office and administration and regulatory related expenses.

Further Information related to the Corporation, including the company's March 31, 2008 Financial statements and Management Discussion and Analysis for the period ending March 31, 2008, is filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and can be reviewed at www.sedar.com.

READER ADVISORY

This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation's control. Such risks and uncertainties include, without limitation, risks associated, loss of markets, volatility of commodity prices, currency fluctuations, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances 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. Readers are cautioned that the foregoing list of factors is not exhaustive. 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. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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