TDZ Holdings Inc.

April 14, 2011 15:24 ET

TDZ Holdings Inc.-Results for the Year Ended December 31, 2010

TORONTO, ONTARIO--(Marketwire - April 14, 2011) -TDZ HOLDINGS INC., today announced its results for the year ended December 31, 2010.

Summary of Results

Net income for the year ended December 31, 2010 was $559,000 ($0.02 per share) on revenues of $17,000 as compared to a net loss of $21,000 ($0.00 per share) on revenues of $17,000 for the year ended December 31, 2009. The net income for 2010 includes a $597,000 non-recurring gain on disposition pursuant to the Company's entitlement on the sale of the Construction Technology Business.

Net increase in cash was $563,000 ($0.02 per share) during the year ended December 31, 2010 as compared to a net decrease in cash of $4,000 ($0.00 per share) during the year ended December 31, 2009.

Sale of the Construction Technology Business

The sale of the Construction Technology Business occurred on July 29, 2005. Substantially all of the net proceeds from the sale have been applied to repay indebtedness of Nualt, which had been guaranteed by the Company pursuant to its limited recourse guarantee. The Company received its entitlement from this as follows:

Amounts received during 2010597,000
Amounts received during 2008317,000
Amounts received during 2006697,000
Amounts received during 20051,567,000
3,178,000

The amount received during 2010 represents the final distribution owing pursuant to the Company's entitlement in respect of the sale of the Construction Technology Business previously referred to as Investment in Construction Obligations. Due to the ongoing nature of issues and adjustments, no amount had previously been accrued in the financial statements. Accordingly it has been recorded as a non-recurring gain on disposition in the net income of the Company for the period ended December 31, 2010.

This represents the finalization of the sale of the last significant operating assets of the Company and the Board of Directors will consider alternatives for the future direction of the Company.

Contact Information

  • TDZ Holdings Inc.
    Mr. Harvey Fruitman
    Executive Vice President, Secretary,
    and Chief Financial Officer
    (416) 661-9290