INTERNATIONAL VERONEX RESOURCES REPORTS FINANCIAL RESULTS LTD.
VANCOUVER, British Columbia, May 26 /PRNewswire/ -- International Veronex Resources Ltd. (the "company") reported net losses of $1,080,000 ($0.59 per share) for the fiscal year ended February 28, 1993 as compared to net losses of $1,378,000 ($0.75 per share) for the fiscal year ended February 29, 1992 on revenues of $18,000 and $17,000 respectively. The increase of $1,000 in revenue for fiscal 1993 resulted from higher production from the company's resource properties. The costs of these properties have been fully depleted, accordingly, no depletion expense has been recorded in fiscal 1993. As of February 28, 1993 the company had a working capital deficiency of $1,938,000. The company anticipates that it may not have adequate cash for all of its planned operations for the next twelve months and may be required to raise additional operating funds, to seek a financial partner or to restructure the company. International Veronex Resources Ltd. is an internationally diversified natural resource company with commercial oil production interests in Indonesia, and gold exploration and development interests in Canada. Veronex's common stock trades on the Vancouver Stock Exchange under the symbol IVX, and on the NASDAQ over-the-counter electronic bulletin board system under the symbol IVXRF. The Vancouver Stock Exchange has neither approved nor disapproved this news release. -0- 5/26/93 /CONTACT: David Wooldridge of International Veronex Resources Ltd., 310-861-0383, or fax, 310-861-1256/ (IVXRF)
CO: International Veronex Resources Ltd. ST: British Columbia IN: OIL SU: ERN
TM -- NY082 -- 2704 05/26/93 19:32 EDT
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|Date:||May 26, 1993|
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