Vensearch Capital Corp.

March 07, 2005 18:17 ET

Vensearch Releases December 31, 2004 Q2 Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: VENSEARCH CAPITAL CORP.

TSX VENTURE SYMBOL: VNS.P

MARCH 7, 2005 - 18:17 ET

Vensearch Releases December 31, 2004 Q2 Financial
Statements

TORONTO, ONTARIO--(CCNMatthews - March 7, 2005) - Vensearch Capital
Corp. (TSX Venture:VNS.P) ("Vensearch") released today its unaudited
financial statements for its second quarter ended December 31, 2004. The
Company is a capital pool company which entered into a letter agreement
on September 24, 2004 pursuant to which Vensearch and Genetic Diagnostic
Inc. agreed to complete a Qualifying Transaction. Details of the
proposed transaction were set out in a press release by Vensearch dated
November 18, 2004.

Net loss for the second quarter ended December 31, 2004 was $19,291 or
two tenths of one cent per share. This compares to net income of $12,689
or one tenth of one cent per share for the second quarter ended December
31, 2003.

Year to date, the net loss for the six months ended December 31, 2004
was $54,806 or six tenths of one cent per share vs. a profit of $12,689
or two tenths of one cent per share for the six months ended December
31, 2003.

The loss for the quarter and the six month periods ended December 31,
2004 is the result of increased legal and other expenses related to the
proposed Qualifying Transaction.



For the three For the six
months ended months ended
December 31, December 31,
2004 2003 2004 2003
--------------------------------------------
Summary Income Statement
Information
Interest Revenue $ 9,325 $ 17,048 $ 17,425 $ 17,048
Expenses 28,616 4,359 72,231 4,359
--------------------------------------------
Net income (loss) $ (19,291)$ 12,689 $ (54,806)$ 12,689
--------------------------------------------
Basic and diluted income
(loss) per share $ (0.002)$ 0.001 $ (0.006)$ 0.002
--------------------------------------------
--------------------------------------------
Summary of Cash Flow
Information
Net income (loss) $ (19,291)$ 12,689 $ (54,806)$ 12,689
Increase in working capital
other than cash:
Accounts Payable (15,509) (1,987) 20,322 (53,907)
Interest Receivable 26,920 (7,659) 18,820 (7,659)
--------------------------------------------
Cash from Operations $ (7,880)$ 3,043 $ (15,664)$ (48,877)
--------------------------------------------
--------------------------------------------
Financing Activities:
Gross proceeds from
issue of shares $ - $ 825,000 $ 9,675 $ 825,000
Share issue costs - (146,950) - (152,816)
--------------------------------------------
Cash from financing
activities $ - $ 678,050 $ 9,675 $ 672,184
--------------------------------------------
Increase (decrease) in cash $ (7,880)$ 681,093 $ (5,989)$ 623,307
Cash and term deposit at
beginning of period 1,782,078 1,109,811 1,780,187 1,167,597
--------------------------------------------
$1,774,198 $1,790,904 $1,774,198 $1,790,904
--------------------------------------------
--------------------------------------------


VENSEARCH RELEASES DECEMBER 31, 2004
Q2 FINANCIAL STATEMENTS

December 31, 2004 June 30, 2004
----------------- --------------
Summary of Balance Sheet Information

Current Assets
Cash and term deposit $ 1,774,198 $ 1,780,187
Interest receivable 6,540 25,360
----------------- --------------

Total Assets $ 1,780,738 $ 1,805,547
----------------- --------------

Current Liabilities
Accounts payable and
accrued liabilities $ 28,720 $ 8,398
----------------- --------------

Shareholders' Equity
Share capital - 9,538,700
common shares (June 30 - 9,500,000) $ 1,773,991 $ 1,764,316
Contributed Surplus 61,600 61,600
Retained Earnings (83,573) (28,767)
----------------- --------------

Total Shareholders' Equity $ 1,752,018 $ 1,797,149
----------------- --------------

Total Liabilities and
Shareholders' Equity $ 1,780,738 $ 1,805,547
----------------- --------------


The Company's December 31, 2004 financial statements may be viewed on
SEDAR at www.sedar.com.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Vensearch Capital Corp.
    Geoffrey G. Whitlam
    President
    (416) 860-7641
    or
    Vensearch Capital Corp.
    Jeffrey A. Dawson
    Chief Financial Officer
    (416) 932-8858
    The TSX Venture Exchange Inc. does not accept responsibility for the
    adequacy or accuracy of this release.