Sabrich Capital Corporation
TSX VENTURE : SBH.P

August 29, 2007 17:06 ET

Sabrich Capital Corporation Releases Third Quarter Financial Statements

CALGARY, ALBERTA--(Marketwire - Aug. 29, 2007) - Sabrich Capital Corporation (TSX VENTURE:SBH.P) ("Sabrich") released today its unaudited financial statements for its three month and nine month periods ended June 30, 2007.

The net loss for the three month and nine month periods ended June 30, 2007 were $706 and $121,538 respectively.



SUMMARY OF INCOME STATEMENT INFORMATION

----------------------------------------------------------------------------
Income Statement April 1 to October 1 to
June 30, 2007 June 30, 2007
----------------------------------------------------------------------------
Total Revenue $ - $ -
Expenses $ 8,503 $ 133,963
Net income (loss) for period $ (706) $(121,538)
Per share - basic and diluted $ (0.000) $ (0.017)
Weighted average shares outstanding
- basic 11,300,000 7,080,220
----------------------------------------------------------------------------


SUMMARY OF CASH FLOW INFORMATION

----------------------------------------------------------------------------
Cash Flow April 1 to October 1 to
June 30, 2007 June 30, 2007
----------------------------------------------------------------------------
Cash from operating activities $ (33,912) $ 22,300
Cash from financing activities $ - $ 696,475
Change in cash and cash equivalents $ (33,912) $ 718,775
Cash and cash equivalents - beginning
of period $ 867,682 $ 114,995
Cash and cash equivalents - end of period $ 833,770 $ 833,770
----------------------------------------------------------------------------


SUMMARY OF BALANCE SHEET INFORMATION

----------------------------------------------------------------------------
Balance Sheet June 30, 2007 September 30, 2006
----------------------------------------------------------------------------
Cash and cash equivalents $ 833,770 $ 114,995
Total Assets $ 847,208 $ 127,500
Total Liabilities $ 17,371 $ 12,500
Share capital $ 811,475 $ 115,000
Total Shareholders' Equity $ 829,837 $ 115,000
Total Liabilities & Shareholders' Equity $ 847,208 $ 127,500
----------------------------------------------------------------------------


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". On August 10, 2007 the shares of Sabrich were halted from trading pending news.

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 June 30, 2007 the Corporation had no active operations. For the three month and nine month periods ended June 30, 2007 the Corporation had net losses of $706 and $121,538 respectively. The losses primarily related to accounting fees and stock based compensation which were included in professional fees.

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 June 30, 2007 Financial statements and Management Discussion and Analysis for the period ending June 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