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News
05.04.2011
Resinco® Capital Partners Inc. Earns $10.06 Million After Tax in 2010, Appoints New Members of Management Team
Resinco® Capital Partners Inc. Earns $10.06 Million After Tax in 2010, Appoints New Members of Management Team
April 01, 2011 - Resinco® Capital Partners Inc., ("Resinco" or the "Company") announces its financial results for the year ended December 31, 2010 and reports net income of $10.06 million or $0.08 per share (basic) versus a net income of $4.7 million or $0.04 per share (basic) for 2009. At December 31, 2010 the Company held investments with a fair value of $28.4 million, or $0.235 per share compared to $16.9 million at December 31, 2009, an increase of 68%.
Resinco recorded realized losses on disposal of investments of $3.7 million and unrealized investment gains of $16.9 million for the year ended December 31, 2010 compared to realized investment losses of $1.1 million and unrealized investment gains of $6.6 million in 2009 Resinco's investment portfolio at December 31, 2010 included 20 public companies and 16 private companies, compared to 19 public companies and 19 private companies in the portfolio at the end of 2009.
"During the past fiscal year the Company has executed upon its goal of continued focus on strict expense control, execution of quality due diligence related to new investments and counseling to the management of our key investments through participation at the board and Technical Advisory Board levels. Our portfolio experienced an increase in value through the last quarter of 2010, as the public company portfolio appreciated along with a stronger worldwide commodities market," stated John Icke, President and CEO of Resinco. Mr. Icke went on to say, "Despite the pressures on the world economies in the first quarter of 2011, we remain optimistic about many of our key investments and we believe that through active monitoring of our investments that the Company will experience modest valuation improvements through 2011."
The Company also announces that David McAdam has joined Resinco as Chief Financial Officer and Christina Boddy as Corporate Secretary. Mr. McAdam is an experienced CFO, with transformation and operational experience in the mining sector and internationally. Mr. McAdam has held various senior financial and operational positions ranging from CFO of start-up companies listed on the TSX Venture Exchange through to VP Operations and Finance Director of a Fortune 150 company based in Houston, Texas. Ms. Boddy is a member of the Canadian Society of Corporate Secretaries and has worked with several public and privately-held companies across varied industries
Mr. McAdam is replacing Mr. Jon Lever as CFO and Ms. Boddy replaces Ms. June Hamilton as Corporate Secretary effective April 1, 2011. Resinco wishes to thank Mr. Lever and Ms. Hamilton for their contributions.
About Resinco® Capital Partners Inc.
Resinco (Resource Investment Company) is a global investment company which specializes in providing early stage financing to private and public exploration and mining companies in the hard rock minerals, precious metals, rare-earth minerals, oil, gas, water and renewable energy markets.
For more information on Resinco, please visit www.resincocp.com.
On behalf of the Board of Directors
RESINCO® CAPITAL PARTNERS INC.:
John Icke
President and CEO
For more information, please contact
Resinco
Mike Rodger
Investor Relations
604-696-6515
info@resincocp.com
www.resincocp.com
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
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April 01, 2011 - Resinco® Capital Partners Inc., ("Resinco" or the "Company") announces its financial results for the year ended December 31, 2010 and reports net income of $10.06 million or $0.08 per share (basic) versus a net income of $4.7 million or $0.04 per share (basic) for 2009. At December 31, 2010 the Company held investments with a fair value of $28.4 million, or $0.235 per share compared to $16.9 million at December 31, 2009, an increase of 68%.
Resinco recorded realized losses on disposal of investments of $3.7 million and unrealized investment gains of $16.9 million for the year ended December 31, 2010 compared to realized investment losses of $1.1 million and unrealized investment gains of $6.6 million in 2009 Resinco's investment portfolio at December 31, 2010 included 20 public companies and 16 private companies, compared to 19 public companies and 19 private companies in the portfolio at the end of 2009.
"During the past fiscal year the Company has executed upon its goal of continued focus on strict expense control, execution of quality due diligence related to new investments and counseling to the management of our key investments through participation at the board and Technical Advisory Board levels. Our portfolio experienced an increase in value through the last quarter of 2010, as the public company portfolio appreciated along with a stronger worldwide commodities market," stated John Icke, President and CEO of Resinco. Mr. Icke went on to say, "Despite the pressures on the world economies in the first quarter of 2011, we remain optimistic about many of our key investments and we believe that through active monitoring of our investments that the Company will experience modest valuation improvements through 2011."
The Company also announces that David McAdam has joined Resinco as Chief Financial Officer and Christina Boddy as Corporate Secretary. Mr. McAdam is an experienced CFO, with transformation and operational experience in the mining sector and internationally. Mr. McAdam has held various senior financial and operational positions ranging from CFO of start-up companies listed on the TSX Venture Exchange through to VP Operations and Finance Director of a Fortune 150 company based in Houston, Texas. Ms. Boddy is a member of the Canadian Society of Corporate Secretaries and has worked with several public and privately-held companies across varied industries
Mr. McAdam is replacing Mr. Jon Lever as CFO and Ms. Boddy replaces Ms. June Hamilton as Corporate Secretary effective April 1, 2011. Resinco wishes to thank Mr. Lever and Ms. Hamilton for their contributions.
About Resinco® Capital Partners Inc.
Resinco (Resource Investment Company) is a global investment company which specializes in providing early stage financing to private and public exploration and mining companies in the hard rock minerals, precious metals, rare-earth minerals, oil, gas, water and renewable energy markets.
For more information on Resinco, please visit www.resincocp.com.
On behalf of the Board of Directors
RESINCO® CAPITAL PARTNERS INC.:
John Icke
President and CEO
For more information, please contact
Resinco
Mike Rodger
Investor Relations
604-696-6515
info@resincocp.com
www.resincocp.com
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA76112T1012">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA76112T1012</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.