SKANA Capital Corp.
TSX VENTURE : SKN

SKANA Capital Corp.

August 29, 2007 17:26 ET

SKANA Reports Financial Results for the First Quarter 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2007) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA"), announces release of its unaudited consolidated interim financial statements for its first fiscal quarter ended June 30, 2007. SKANA reported net earnings of $1,235,546 ($0.03 basic and $0.02 diluted per share) compared to net earnings of $676,297 for the comparative period in 2006. The net earnings for the three months ended June 30, 3007 reflect recognition of a future tax recovery of $2,000,000 that was previously unrecognized. SKANA reported a net loss before taxes for the quarter of $764,454.

As at June 30, 2007 SKANA had cash and cash equivalents of $19,777,888. SKANA maintains all of its cash, cash equivalents and short term investments with Schedule A banks. SKANA has no exposure to asset-backed commercial paper.

SKANA's unaudited consolidated interim financial statements and Management's Discussion and Analysis (MD&A) for the first quarter of fiscal 2007 have been filed on SEDAR and are available for download at www.sedar.com.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes have significant potential for appreciation through its financial involvement and guidance.

Forward Looking Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of SKANA. Actual results realized may vary materially from the information provided in this release. As a result, there is no representation by SKANA that actual results realized in the future will be the same in whole or in part as those presented herein.

The TSX Venture Exchange has in no way passed upon the merits of this press release and has neither approved nor disapproved its content. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • SKANA Capital Corp.
    Neil Halldorson
    President and CEO
    (604) 669-4899