NovaDX Announces Fiscal 2008YE Results and New Appointment
| October 21, 2008 NovaDX Announces Fiscal 2008YE Results and New Appointment |
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| NovaDX Ventures Corp, President & CEO, Neil MacDonald, reports: (Vancouver, BC, October 21, 2008) NovaDX Ventures Corp ("NovaDX") - TSX-V: NDX - announces that it has released its audited financial statements for the fiscal year ended June 30, 2008. In large part due to the unprecedented volatility in the market for junior resource companies during this period, NovaDX posted a net loss of $477,859, or $0.02 per share (basic and fully diluted) on revenues of $1,279,614. Neil MacDonald, President & CEO of NovaDX commented, "Although we expect the weak market conditions to continue for at least the near term, we remain encouraged that our investee companies continue to build fundamental value in their businesses and that over time that value will be more accurately reflected in their share prices. In the interim, we are seeking to stabilize our investment portfolio by focusing on investment in smaller, more advanced-stage production projects that will generate cash flow and are available at attractive prices given market conditions." The Company is also pleased to announce the appointment of Melisa Attisha, CA as Chief Financial Officer. Ms. Attisha comes to NovaDX having served in various positions including Senior Manager for KPMG, Controller of International Aviation Terminals Inc., and Assistant Controller for Canlan Investment Corp. Ms. Attisha will be replacing Don Cameron as NovaDx's CFO. Peter Watson, the Company's VP - Investment Banking has also resigned from his role with the Company. The Company thanks Don Cameron and Peter Watson for their past services and wishes them success in their respective new business pursuits. Comparative figures for annual revenues, net income and income per share are as follows (all figures in Canadian dollars and Canadian GAAP):
Update and Outlook: Weak market conditions in the US and Canada continue to put pressure on the junior resource markets in Canada. Due to the recent weakness in financial service and other bellwether stocks on the major markets, coupled with the current debt crisis in the United States and general economic indicators pointing to a recession in the United States, investors have moved to convert holdings into cash as quickly as possible. Even though the price of most commodities remains at higher than traditional levels, the lack of liquidity has caused the junior resource sector to drift much lower on thin trading volumes. Despite the decline in market capitalization of our investee companies, management of most of these companies continues to deliver positive results which by and large have been interpreted by the market as a liquidity opportunity. We believe that these companies are building fundamental value in their projects and although this value is not currently being reflected in their market capitalizations, we are confident that it will become reflected once the current weakness in the financial markets begins to turn around. In the coming months, NovaDX intends to shift its investment focus towards investing in promising near term production projects in the specialty metallurgical coal and other resource sectors that are less subject to commodity price volatility The Company has been actively reviewing several opportunities and is confident that it will be able to make investments in a number of projects that can generate cash flow in the near term at attractive prices due to the turbulent financial markets. We believe that by pursuing this strategy we will be able to stabilize the cash flows earned by the Company and in addition provide more support to our portfolio of projects and companies. Although we expect the current volatility in these markets to continue at least in the near term, we believe that we will be able to navigate through this unpredictable market condition through this disciplined and focused investment approach. We will endeavor to continue to build our funds under management and administration and grow our investment banking business. Our goal is to create cash flow, preserve capital and maximize our return on capital while mitigating risk through a strategy of investment diversification, fulfilling an active advisory role through management of our projects and portfolio companies, while applying sound portfolio management. About NovaDX: NovaDX is a Vancouver-based investment firm whose primary focus is on providing merchant banking and other business advisory services to micro-cap natural resource issuers, a largely overlooked but important sector of the equity markets. NovaDX's business plan involves seeking out investment opportunities in companies that have quality management and projects that demonstrate an above average opportunity for new resource discoveries. NovaDX works closely with management of these companies with the objective of mitigating risk and enhancing the value of its investments. NovaDX intends to pursue opportunities in North America and abroad. NovaDX seeks a return on its investments supplemented with revenue from investment banking, investment fund administration and advisory services. For more information please visit www.novadx.com. ON BEHALF OF THE BOARD The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction. 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. For more information, please contact Neil MacDonald or Rick Peterson at 604-633-2776 or send us an email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . |
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