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March 01, 2005
Press Release
March 01, 2005 -- In the quarter ended December 31, 2004 the Company completed a major restructuring of its affairs, including a 30:1 consolidation of its common shares and settlement of $535,449 in liabilities through the issuance of 973,543 post-consolidation common shares.
As a result of the restructuring process NovaDx now has 1,989,964 common shares outstanding and has resumed trading on the NEX board of the TSX Venture Exchange ("NEX") under the trading symbol NDX.H.
The Company currently has no active business and is focusing its efforts on the identification and acquisition of new business opportunities.
For the quarter ended December 31, 2004, NovaDx incurred a net loss of $25,216 ($0.02 loss per common share), compared to a net loss of $42,488 ($0.04 loss per common share) for the three months ended December 31, 2003 and; incurred a net loss of $42,797 ($0.04 loss per common share) for the six months ended December 31, 2004, compared to a net loss of $48,671 ($0.05 loss per common share) for the six ended December 31, 2003.
General and administrative expenses for the three months ended December 31, 2004 increased by $16,084 to $58,572 ($42,488 for the three months ended December 31, 2003) and by $27,482 for the six months ended December 31, 2004 ($48,671 for the six months ended December 31, 2003) but were offset by interest that was forgiven in the debt settlement process of $33,356. The increase in expenses arose primarily as a result of increased legal and filing associated with the Company's restructuring.
For more information, please contact Scott Ackerman at 1-866-824-8938.
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