Global Equity Corporation Company Update.TORONTO--(BUSINESS WIRE)--Aug. 29, 1997--(ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). GEQ GEQ Greater Than or Equal To GEQ Graphic Equalizer GEQ Gain Equalizer (fiber optics) GEQ Graphical Equalizer . ) For the six months ended June 30, 1997 Global Equity Corporation reported a loss of $871,000 ($0.02 per share) on revenues of $12,842,000 compared with a profit of $1,238,000 ($0.02 per share) on revenues of $15,556,000 for the six months ended June 30, 1996. Lower revenues and the occurrence of a loss for the six month period ended June 30, 1997 compared to the corresponding period in 1996 are primarily due to interest incurred on bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. provided by PICO Pico (pē`kō) [Port.,=peak], island (1991 pop. 15,129), 167 sq mi (433 sq km), Horta dist., in the N Atlantic, one of the central Azores. It takes its name from the volcanic mountain, Pico Alto [high peak], which rises to 7,711 ft (2,350 m). Holdings Inc., and its affiliates to finance the acquisition of a 74.77 percent interest in Nevada Land & Resource Co., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and the change in nature of the Corporation's assets since June 30, 1997 from short-term treasury bills to value investments. During the six month period ended June 30, 1997, the corporation made additional investments in water rights and listed equity situations at a cost of $15,192,000 in addition to the interest in Nevada Land & Resource at a cost of $50,218,000. On Aug. 20, 1997 the corporation signed an agreement with Vanik Inc. Ltd., a publicly traded Sri Lankan investment company, for the sale of the Corporation's Sri Lankan subsidiaries. The transaction is for the Corporation's 50 percent holding in Forbes Ceylon Limited where Vanik will make an identical offer to all minority shareholders. In addition, Vanik will acquire 100 percent of the shares in Forbes & Walker Ltd. The transaction is expected to close by the end of 1997 and, under the terms of the agreement, the disposal will not have a detrimental effect on 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. . The sale of the Sri Lankan subsidiaries marks the final disposition of investments acquired by previous management. Global Equity Corp. is an international investment corporation with offices in Toronto, Ontario and La Jolla, Calif. Its stock trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Montreal Exchange under the symbol "GEQ". CONTACT: Global Equity Corporation, 416/925-3555 619/551-6835 |
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