TDZ Holdings Inc.

May 13, 2009 15:28 ET

TDZ Holdings Inc.-Results for Three Months Ended March 31, 2009

TORONTO, ONTARIO--(Marketwire - May 13, 2009) - TDZ HOLDINGS INC., today announced its results for three months ended March 31, 2009.

Overview

The Company was formed on April 28, 1999 upon amalgamation. The Company has a 33% direct equity interest in Nualt Enterprises Inc. ("Nualt"), the parent company for the former Construction Technology Business carried on by Aluma Enterprises Inc. ("Aluma") and its subsidiaries, and the principal holding company for the former Residential Real Estate Business. The Residential Real Estate Business was sold in 2004. The Construction Technology Business was sold July 29, 2005. The Company's investment in Nualt has been pledged to Nualt's principal lenders to secure limited recourse guarantee obligations.

Summary of results

Net income for three months ended March 31, 2009 was $9,000 ($0.00 per share) on revenues of $9,000 as compared to a net income of $20,000 ($0.00 per share) on revenues of $24,000 for three months ended March 31, 2008.

Net increase in cash was $9,000 ($0.00 per share) during the three months ended March 31, 2009 as compared to a net increase in cash of $20,000 ($0.00 per share) during the three months ended March 31, 2008.

Sale of the Construction Technology Business

The sale of substantially all of Aluma's assets occurred on July 29, 2005. Substantially all of the net proceeds from the sale will be applied to repay indebtedness of Nualt, which had been guaranteed by the Company pursuant to its limited recourse guarantee.

During 2008, the Company received $317,000 (2007 - $nil, 2006 - $697,000, 2005 - $1,567,000). No further amount has been received The balance payable pursuant to its entitlement on this sale, if any, cannot be predicted at this time as such amounts are dependent upon various closing and post closing adjustments which were to be made over a period of two years from the date of sale July 29, 2005. Efforts and discussions are ongoing. Accordingly, no accrual for these amounts has been recorded in these financial statements.

Contact Information

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