TriNorth Capital Announces Third Quarter 2005 Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- TriNorth Capital Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :TRT TRT Transportation Research Thesaurus TRT Tribunal Regional do Trabalho (Brazil) TRT Türkiye Radyo Televizyon Kurumu TRT Tinnitus Retraining Therapy TRT Testosterone Replacement Therapy TRT Thai Rak Thai Party ) reported a net loss of $206,437 ($0.01 per share) for the three months ended September September: see month. 30, 2005,compared with a net gain of $399,523 ($0.02 per share) for the same period in 2004. The results reflected gains on the sale of 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 of $21,685 (2004: $5,100) and interest and other income of $27,130 (2004: $46,164), offset by general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of $155,895 (2004: $345,108). The net gain in the third quarter of 2004 included a foreign exchange gain of $8,177 and a recovery of $851,744 for accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying previously written off. For the nine months ended September 30, 2005 the net loss was $443,544 ($0.02 per share) compared with a net loss of $1,545,389 ($0.09 per share) in the same period in 2004. At September 30, 2005, TriNorth had $2,872,529 in cash and marketable securities (at quoted market value) and investments in technology-based businesses of $3,238,902. Venture Investments TriNorth's President & Chief Executive Officer, John Pennal Pennal is a village in north Wales, on the A493 road, on the north bank of the Afon Dyfi or River Dovey. Location It lies in southern Gwynedd, in the old county of Merionethshire/Sir Feirionnydd, near Machynlleth. , reported on the progress made by TriNorth's privately held venture investee companies - Business.ca (including its affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. Teragrid TeraGrid is an open scientific discovery infrastructure combining large computing resources (including supercomputers, storage, and scientific visualization systems) at nine Resource Provider partner sites to create an integrated, persistent computational resource. Solutions), VFM VFM Value For Money VFM Virtual File Manager (Netapp) VFM Variable Frequency Microwave VFM Vote for Me VFM Vehicle Fleet Management VFM Visual Factory Management VFM VSB File Manager Interactive ("VFM"), and Intelligent Mechatronic See mechatronics. Systems ("IMS (1) See IP Multimedia Subsystem. (2) (Information Management System) An early IBM hierarchical DBMS for IBM mainframes. IMS was widely implemented throughout the 1970s under MVS and continues to be used under z/OS. ") - during the quarter and the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. as follows: - Business.ca and its affiliate Teragrid Solutions posted revenue that was 136% higher than the third quarter last year, reflecting the added contribution of the new affiliate that was established in the second quarter. Business.ca is developing an expansion strategy that will allow it to grow through acquisitions of other software developers that have synergies with Business.ca. - VFM Interactive ("VFM") continued to add new clients, solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. its position as one of the leading producers and distributors of rich media marketing content for the hotel and travel industry. In the past year, VFM hospitality clients have grown more than 1,000 per cent from 800 hotel properties to more than 8,000. - IMS expects to successfully complete all OCS OCS - Object Compatibility Standard testing with an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and by year end at which time it is expected that the OCS will be qualified for vehicle platforms of the OEM beginning with model year 2009. Several automotive insurance companies are currently testing prototypes of iPaid, a user-based product that allows drivers to control the cost of their automotive insurance based on how much they drive and other driving characteristics, in pilot programs. TriNorth Capital Inc. is a Canadian-based investment company that has investments in privately held and publicly traded high growth potential companies, cash resources and substantial tax losses to shelter A general term used in statutes that relates to the provision of food, clothing, and housing for specified individuals; a home with a proper environment that affords protection from the weather. future income and investment gains. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct, and such forward looking statements should not be unduly relied upon. These statements speak only as of the date of this release, and are subject to a number of risks and uncertainties, including the factors discussed in the Company's current and previous filings with the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . Actual results could differ materially from these forward-looking statements.
TRINORTH CAPITAL INC.
Consolidated Balance Sheets
As at September 30, 2005 and December 31, 2004
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September 30 December 31
2005 2004
------------- ------------
(unaudited)
ASSETS
CURRENT
Cash and cash equivalents $ 16,616 $ 954,768
Marketable securities (quoted market
value - September 30, 2005 -
$2,855,913, December 31, 2004
- $3,121,658) 2,698,645 2,849,671
Other receivables 5,898 5,650
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2,721,159 3,810,089
INVESTMENTS (Note 2) 3,238,902 2,913,400
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$ 5,960,061 $ 6,723,489
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LIABILITIES
CURRENT
Accounts payable and accrued
liabilities $ 54,232 $ 380,162
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SHAREHOLDERS' EQUITY
SHARE CAPITAL 43,520,299 43,520,299
CONTRIBUTED SURPLUS 32,972,470 32,966,424
SHARE PURCHASE LOAN (320,000) (320,000)
DEFICIT (70,266,940) (69,823,396)
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5,905,829 6,343,327
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$ 5,960,061 $ 6,723,489
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TRINORTH CAPITAL INC.
Consolidated Statements of Operations and Deficit
For the three-month and nine-month periods ended
September 30 (Unaudited)
Three months ended Nine months ended
September 30 September 30
------------------ -------------------
2005 2004 2005 2004
---------------------------------------------------------------------
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Revenue
Interest and
other income $ 27,130 $ 46,164 $ 93,056 $ 112,179
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Expenses
General and
administrative 155,895 345,108 477,212 638,195
Dilution gain - - - (656,000)
Gain on sale
of marketable
securities (21,685) (5,100) (314,886) (38,901)
Depreciation - - - 81
Write down of
accounts
receivable - - - 2,238,468
Recovery of
accounts
receivable
written off (851,744) (851,744)
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134,210 (511,736) 162,326 1,330,099
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Gain (Loss)
before the
undernoted (107,080) 557,900 (69,270) (1,217,920)
Foreign Exchange
Gain (Loss) - (8,177) - 80,274
Share of Gain
(Loss) of
Equity-Accounted
investees
Share of income
(loss) reported
by
equity-accounted
investees 34,514 (16,330) 27,337 (6,133)
Amortization of
purchase
discrepancy (133,871) (133,870) (401,611) (401,610)
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Net income
(loss) for
the period (206,437) 399,523 (443,544) (1,545,389)
Deficit,
beginning
of
period (70,060,503) (71,394,246) (69,823,396) (69,449,334)
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Deficit, end
of period $(70,266,940) $(70,994,723) $(70,266,940) $(70,994,723)
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Income (loss)
per share
- basic $ (0.01) $ (0.02) $ (0.02) $ (0.09)
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TRINORTH CAPITAL INC.
Consolidated Statements of Cash Flows
For the three-month and nine-month periods ended
September 30 (Unaudited)
Three months ended Nine months ended
September 30 September 30
------------------ -----------------
2005 2004 2005 2004
---------------------------------------------------------------------
Net inflow (outflow) of
cash related to the
following activities
Operating
Net loss for the
period $ (206,437) $ 399,523 $ (443,544) $ (1,545,389)
Items not affecting
cash
Share of loss of
equity-accounted
investees 99,357 150,200 374,274 407,743
Gain on sale of
marketable
securities (21,685) (5,100) (314,886) (38,901)
Depreciation - - - 81
Stock-based
compensation 2,598 - 6,046 -
Dilution (Gain) - - - (656,000)
Write down of
accounts receivable - - - 2,238,468
Foreign exchange
gain - 8,177 - (80,274)
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(126,167) 552,800 (378,110) 325,728
Net change in
non-cash working
capital balances
Accounts receivable 6,483 261,246 (248) 399,334
Accounts payable and
accrued liabilities (626) (119,071) (325,930) (25,819)
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(120,310) 694,975 (704,288) 699,243
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Investing
Acquisition of
investment (100,006) (116,000) (699,777) (233,630)
Collection of
Debenture receivable - 100,000 - 100,000
Dividend from
equity-accounted
investees - 74,000 - 74,000
Proceeds from sale
of marketable
securities 738,688 189,469 5,094,728 625,286
Purchase of
marketable
securities (552,121) (893,750) (4,628,815) (1,079,109)
---------------------------------------------------------------------
86,561 (646,281) (233,864) (513,453)
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Increase (Decrease)
in cash position
during the period (33,749) 48,694 (938,152) 185,790
Cash and cash
equivalents,
beginning of period 50,365 141,152 954,768 4,056
---------------------------------------------------------------------
Cash and cash
equivalents, end of
period $ 16,616 $ 189,846 $ 16,616 $ 189,846
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---------------------------------------------------------------------
TRINORTH CAPITAL INC. Notes to the Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge September 30, 2005 1. ACCOUNTING POLICIES The consolidated financial statements of TriNorth Capital Inc. (the "Company") have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian generally accounting principles ("Canadian GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ") and follow the same accounting principles and methods of application as those disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in Note 2 of the Company's consolidated financial statements for the year ended December December: see month. 31, 2004 except for those indicated below. The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. interim unaudited consolidated financial statements include all adjustments that are, in the opinion of management, necessary for a fair presentation. These interim consolidated financial statements do not conform in all respects to the requirements of generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting for annual financial statements and accordingly should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the Company's consolidated financial statements included in the 2004 Annual Report.
2. INVESTMENTS
September 30, December 31,
2005 2004
------------- ------------
Investments accounted for using the
equity method
a) Vitalink Worldwide Ltd.
Investment, at cost $ 2,934,034 $ 2,934,034
Dividend (111,000) (111,000)
Share of loss of equity -
accounted investees
Balance, beginning of the 9
month period 2,296,414 1,820,169
Share of loss (income) for the
9 month period (15,917) (59,236)
Amortization of excess
purchase price for the 9 month
period 401,611 535,481
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Balance, end of the 9 month period 2,682,108 2,296,414
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Investment, at equity 140,926 526,620
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b) Teragrid Solutions Inc.
Investment, at cost $ 37 -
Share of income for the 6
month period since inception 11,420 -
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11,457 -
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Investments accounted for
using the cost method
c) VFM Interative Inc. $ 1,156,000 $ 1,056,032
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d) Intelligent Mechatronic
Systems Inc. 1,930,519 1,330,748
---------------------------------------------------------------------
$ 3,238,902 $ 2,913,400
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The Company has the following investments: a) A 37% interest in Vitalink Worldwide Ltd. ("Vitalink"), which operates through its principal subsidiary, Business.ca, is a provider of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. web-based information technology systems for small to medium size enterprises. b) A 37% interest in Teragrid Solutions Inc., a company that provides web-based services to small and medium size enterprises. c) A 17% ownership interest in VFM Interactive Inc. ("VFM") a Toronto-based provider of technology driven rich media solutions, connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. and interactivity for the hotel and travel industry. VFMI's end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. media management solution is a hub that aggregates hotel and travel-related digital rich media content such as videos, 360[bar] virtual tour images and still pictures, and automates the distribution of such content to travel websites and any other online points of contact for potential consumers who are researching and booking hotel accommodations. d) A 14.4% ownership interest in Intelligent Mechatronic Systems Inc. ("IMS"), a Waterloo Waterloo, town, Belgium Waterloo (vä`tərlō), commune (1991 pop. 27,860), Walloon Brabant prov., central Belgium, near Brussels. The battle of Waterloo (see Waterloo campaign) was fought just south of there on June 18, 1815. , Ontario-based company that develops intelligent sensor An intelligent sensor takes some predefined action when it senses the appropriate input (light, heat, sound, motion, touch, etc.). Description The sensor has to do the following tasks:
See: Secondary market. aftermarket See secondary market. accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. products
Summary Financial Information for Vitalink group:
As at and As at and As at and
for the period the period the period
ended ended ended
September 30, September 30, December 31,
2005 2004 2004
(3 months) (3 months)
--------------- ------------ ------------
Total Revenue $ 533,241 $ 362,460 $2,026,334
Total Expenses 472,320 406,205 1,864,497
Net Earnings 60,291 (43,745) 161,837
Current Assets 328,030 189,643 154,336
Non Current Assets 890,808 1,024,530 949,567
Current Liabilities 106,374 361,993 277,868
Long-term Liabilities 470,208 256,577 225,508
Summary Financial Information for Teragrid Solutions Inc.:
As at and for the
period ended
September 30, 2005
(3 months)
------------------
Total Revenue $ 320,282
Total Expenses 289,417
Net Earnings 30,865
Current Assets 150,057
Non Current Assets 825,417
Current Liabilities 846,797
Long-term Liabilities 97,712
3. LOSS PER SHARE Loss per share has been calculated based on the weighted average number of shares outstanding of 17,978,817 during the periods. The effect of the exercise of outstanding options is anti-dilutive in the period. 4. DIRECTORS DEFERRED STOCK UNIT PLAN Effective May 30, 2005, the Corporation adopted a Directors Deferred Stock Unit Plan (DDSU Plan) which permits directors to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. the payment to them of directors fees. Under the DDSU Plan, directors may elect to receive any or all of their directors' fees in deferred stock units. DDSUs are calculated on the last business day of each fiscal quarter by dividing the amount of any directors fees that are deferred by the market value of a common share of the Corporation, averaged over the previous ten trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. and rounded up to the nearest unit. A director may convert DDSUs to cash only when the director ceases to be a director of the Corporation. The value of a converted DDSU is equal to the market value of a common share of the Corporation at the time of conversion. At September 30, 2005, a total of 97,199 DDSUs had been recorded under the DDSU Plan representing the conversion of directors' fees in the amount of $20,500 for the period to September 30, 2005 in accordance with the provisions of the Plan. TriNorth Capital Inc. (TSX:TRT) |
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