Novadx Announces First Quarter Results
| November 30, 2006 Novadx Announces First Quarter Results |
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| Vancouver, B.C. -- November 30, 2006 -- NovaDX Ventures Corp. ("NovaDX") (TSX-V: NDX) has released its first quarter fiscal 2007 financial statements for the three month period ending September 30, 2006. NovaDX announces quarterly revenue of $43,054 as compared to nil revenue for the three months ended September 30, 2005. Net loss for the period was $19,010 representing an increase of $7,329 over a net loss of $11,681 for the three months ended September 30, 2005. "During the first quarter of fiscal 2007 the Company commenced its new business as a merchant bank. This business is just beginning and we expect the Company's financial performance to not only grow in scale but also improve in the coming quarters," stated the Company's CEO, Neil MacDonald. "Our Company, and the services we offer, are only just now becoming known among our potential customers, and as we demonstrate our performance in the coming months our corporate visibility should improve substantially." A breakdown of Q1 results follows: (all figures in Canadian dollars and Canadian GAAP)
Subsequent to the end of the quarter NovaDX issued 1,675,000 units at $0.20 per unit in a private placement to raise working capital of $335,000. This private placement was entirely subscribed for by directors, officers and employees of the Company. The Company also granted 300,000 to its new CEO and 50,000 stock options to a Director, exercisable at $0.22 and $0.25 per share respectively, and altered its authorized share capital from 100,000,000 common shares without par value to an unlimited number of common and preferred shares. About NovaDX: NovaDX recently commenced operations is a merchant banking firm focusing on opportunities small and micro-cap natural resource exploration sector, a largely overlooked but important sector of the capital markets. NovaDX's business plan involves seeking out business opportunities in companies that have quality management and projects that demonstrate an above average opportunity for new resource discovery. As a merchant bank, NovaDX provides a range of services to these companies including arranging financing and providing business and financial advice and may invest its own capital. NovaDX endeavours to work closely with management of these companies with the objective of mitigating risk and enhancing the value of these investments. NovaDX derives revenue and income from its advisory services business supplemented by a return on its investments. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. ON BEHALF OF THE BOARD For more information, please contact Neil MacDonald or Stephen Wilkinson at 1-888-350-8818 or 604-633-2776. |
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You can view the Next NovaDX Corporate News item: Mon Jan 15, 2007, NovaDX to Provide Administrative Management and Marketing Services to the Canadian Small Cap Resource Funds |