Augen Capital Corp. - Company Update.TORONTO--(BUSINESS WIRE)--Oct. 30, 1998--Augen Capital Corp.(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AUG.) Augen Capital Corp. is pleased to release its interim unaudited financial statements for the 6 months ended August 31, 1998. Net income after tax provisions and minority interests was i.e. $0.004 per share. Comparisons with Aug. 31/97 results are not available as this is the first year for consolidated statements. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased 6.4 percent to $3,519,324 from fiscal year end (Feb. 28/98). With summer markets being typically slower, particularly with resource company listings, our second quarter tends to be the only weak quarter. Second quarter 98/99 has only shown a modest decline in shareholders' equity (-4 percent) versus up to 10 percent decline in previous years. While Augen's management is never satisfied with performance of less than 10 percent increase in shareholders' equity per quarter (40 percent per annum Per annum Yearly. ), we are encouraged, considering this has been a most difficult market for resource stocks. Of more significance for future corporate growth is the signing of a letter of intent with an Investment Dealer Association (IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ) firm of excellent reputation. This will entail entail, in law, restriction of inheritance to a limited class of descendants for at least several generations. The object of entail is to preserve large estates in land from the disintegration that is caused by equal inheritance by all the heirs and by the ordinary the filing of a prospectus for a Limited Partnership for flow-through shares. The minimum to be raised will be $3 mm and the maximum $8 million. A formal agreement will be produced in the next several days. After acceptance by the board of directors of both the IDA member firm and Augen Capital Corp., further details will be released. This agreement represents an opportunity for Augen to substantially increase the assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . |
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