International Pursuit Corporation First Quarter Report.TORONTO--(BUSINESS WIRE)--May 30, 1997-- - International Purs(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). IPJ IPJ Internet Protocol Journal IPJ Instituto Português da Juventude (Portugese) IPJ International Poster Journal IPJ Interphalangeal Joint ., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on IPUCF. ) International Pursuit Corporation (the "Company" or "Pursuit") reported results for its three month period ended March 31, 1997. First Quarter Results The Company's net loss was $1,810,682 or 7.6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the three months ended March 31, 1997, versus $440,655 or 3.0 cents per share for the three months ended March 31, 1996. Revenue for the three months ended March 31, 1997 for Pursuit was $103,803 versus $226,947 for the three months ended March 31, 1996. The Company's revenues were generated through interest income of $43,994 and dividend income of $59,809. Expenses increased to $3,713,549 for the three months ended March 31, 1997 from $867,602 for the three months ended March 31, 1996. The increase in expenses was mainly a result of a $2,668,193 loss on marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has included in the three months ended March 31, 1997 expenses versus a $115,043 gain on marketable securities included in the three months ended March 31, 1996 revenues. Since April 1, 1997, Pursuit's first quarter ended loss on marketable securities has been eliminated and the Company's position as at the date of this release would show a profit. Issuer Bid Management believes that given its current financial position, its Philippines drill indicated copper resource of approximately 2 billion pounds of copper with the potential to substantially increase the resource, its highly prospective exploration portfolio in Central Kalimantan and its large exploration position in Mongolia, that Pursuit's shares are undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. . Accordingly, management has participated in a normal course issuer bid program resulting in the purchase of 434,900 shares at a cost of $2,077,136 in 1996 and the purchase of 425,300 shares at a cost of $1,852,432 from January 1, 1997 through to May 30, 1997. The Company intends to continue with its normal course issuer bid program. Capitalization The Company's offer to acquire all of the Dayak Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Corporation ("Dayak") shares that it did not own was accepted during May, 1997. As a result, the Company issued 5,423,723 additional shares and now has approximately 29,067,395 shares outstanding on an undiluted basis. Pursuit now has a current working capital position in excess of $28 million, including the Company's investment in Java Gold Corporation, and is in a strong working capital position in comparison with many other junior exploration companies. Given Pursuit's strong financial position and the current low market valuation for junior exploration companies and the difficulties such companies have in raising equity capital, management expects that there will be and it will continue to seek out favourable gold and base metal acquisition opportunities internationally. ON BEHALF OF THE BOARD Stephen R. Dattels President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. William Burton Vice President, Exploration CONTACT: International Pursuit Corporation Investor Relations Investor relations The process by which the corporation communicates with its investors. , 800/396-5188 |
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