Sparta Capital Ltd.
TSX VENTURE : SAY

Sparta Capital Ltd.

February 28, 2008 16:37 ET

Sparta Capital Ltd. Releases First Quarter Financial Statements

EDMONTON, ALBERTA--(Marketwire - Feb. 28, 2008) - Sparta Capital Ltd. ("Sparta") (TSX VENTURE:SAY) released today its unaudited financial statements for its three month period ended December 31, 2007.

The net loss for the three month period ended December 31, 2007 was $56,164.



SUMMARY OF INCOME STATEMENT INFORMATION

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Income Statement December 31, 2007
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Sales $ -
Cost of sales $ -
Operating expenses $ 66,920
Other income (loss) $ 10,756
Net income (loss) for period $ (56,164)
Per share - basic and diluted $ (0.002)
Weighted average shares outstanding - basic 35,140,022
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SUMMARY OF CASH FLOW INFORMATION

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Cash Flow December 31, 2007
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Cash from operating activities $ (61,481)
Cash from financing activities $ 14,440
Cash from investing activities $ (760)
Decrease in cash and cash equivalents $ (47,801)
Cash and cash equivalents - beginning of period $ 695,007
Cash and cash equivalents - end of period $ 647,206
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SUMMARY OF BALANCE SHEET INFORMATION

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Balance Sheet December 31, 2007
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Cash and cash equivalents $ 647,206
Total Assets $ 1,627,678
Total Liabilities $ 15,627
Share capital $ 5,020,046
Total Shareholders' Equity $ 1,612,051
Total Liabilities & Shareholders' Equity $ 1,627,678
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RESULTS OF OPERATIONS

For the three month period ended December 31, 2007 the Corporation had a net loss of $56,164 as compared to December 31, 2006 net loss of $71,224.

Advertising & Promotion decreased from $43,565 to $4,718 for the three month period due to the exclusion of investor relation fees and decrease in promotional expense of the Hy-Drive system.

Consulting fees increased from $41,816 to $50,369 for the three month period mainly due to the payment of consultant fees to manage Sparta's operations in Australia, increased fees for management consulting and increased monthly fees paid to Officers of the Corporation.

Licenses and fees decreased from $4,910 to $0 for the three month period as a result of no TSX Venture and other regulatory fees being incurred during the period.

Office rent increased from $1,995 to $6,180 for the three month period as a result of leasing larger office space.

Professional fees decreased from $18,345 to $435 for the three month period mainly due to decreased third party accounting costs.

Travel decreased from $7,435 to $304 for the three month period due to a decrease in international travel and promotional expenses of the Hy-Drive System.

The Company's December 31, 2007 financial statements management discussion may be viewed on SEDAR at www.sedar.com.

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Sparta Capital Ltd.
    Theodore Rousseau
    (780) 489-8334