NovaDX Announces Fiscal 2007YE Results
NovaDX Announces Fiscal 2007YE Results
NovaDX Ventures Corp, President & CEO, Neil MacDonald, reports:
(Vancouver, BC, October 24, 2007) NovaDX Ventures Corp (“NovaDX”) ‐ TSX‐V:NDX ‐
announces that it has released its audited financial statements for the fiscal year ended June
30, 2007, and is pleased to report net profit of $885,495 or $0.08 per share, on revenues of
$1,634,901.
Neil MacDonald, President & CEO of NovaDX commented, “We are very pleased with the
results for our first year operating as an investment company. We began actively pursuing the
Company’s business plan in November, 2006 and since that time all facets of our business have
contributed to our success. Costs were in line with our plan and comparables within our
industry. We are continuing to grow the business and look forward to continued success in
fiscal 2008 and beyond.”
Comparative figures for annual revenues, net income and income per share are as follows (all
figures in Canadian dollars and Canadian GAAP):
2007 2006
June 30, 2007
Revenue $ 1,634,901 $ 41,928
Expenses 749,406 192,993
Net Income (loss) 885,495 (151,065)
Net Income (loss) per
share
0.08 (0.04)
Total Assets 6,508,817 1,507,546
Total Liabilities 108,107 27,627
SUITE 450, 650 WEST GEORGIA STREET
VANCOUVER, BC V6B 4N8
TEL: 604.633.2776
FAX: 604.683.6564
TOLL FREE: 1.888.350.8818
SUITE 450, 650 WEST GEORGIA STREET
VANCOUVER, BC V6B 4N8
TEL: 604.633.2776
FAX: 604.683.6564
TOLL FREE: 1.888.350.8818
Update and Outlook:
Neil MacDonald reports that “NovaDX will continue to focus its business activities in the junior
resource sector. NovaDX believes that commodity prices in base metals will remain stable for
the foreseeable future due to world‐wide supply and demand fundamentals. In addition, the
upward trend in gold and other precious metal prices is expected to continue in the coming
months as uncertainty regarding the US economy and strong demand for gold continues. In this
market environment we believe that the outlook for the junior exploration companies is
favourable. A recent pullback in the junior resource sector has given NovaDX the opportunity to
invest in many of these promising companies at attractive prices, which should positively
impact the performance of our investment holdings as new discoveries are made and the mid
tier and senior producers continue to look to the juniors for new deposits to develop.
NovaDX continues to build its funds under management and administration and, is currently
sponsoring the Canadian Small Cap Resource Fund 2007 No 2 LP flow‐through fund offering for
a maximum raise of $5 million. We expect that there will be increased demand for flow‐
through investment in the junior resource sector resulting in upward pressure on the premiums
being paid by these flow‐through funds investing before December 31, 2007. Accordingly, we
have deliberately kept this offering small with the objective of meeting our investment
strategies by avoiding premiums and prudently investing in micro cap companies that offer
above average management expertise and property potential at attractive valuations. NovaDX
intends to sponsor a larger Canadian Small Cap Resource Fund flow‐through offering in the New
Year.
NovaDX recently entered the private client business and has successfully worked with a client
to deploy over $11,000,000 in flow‐through investments in the junior resource sector as part of
their overall tax planning strategy. This endeavor has proven very successful for both parties
and we intend to expand this business in the coming months through approaching other high
net worth investors.
Finally, NovaDX’s investment banking activities are growing rapidly resulting in increased fee
based revenues. The Company is currently working closely with two private companies with a
view towards assisting these companies in going public in 2008 if exploration results support an
initial public offering and, intends to enter into similar relationships with other promising
companies as opportunities arise. Since January, NovaDX has been involved in assisting over 30
companies in raising exploration capital.