NovaDX Announces Fifth Consecutive Quarter of Profitability
| February 14, 2008 NovaDX Announces Fifth Consecutive Quarter of Profitability |
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| (Vancouver, BC, February 14, 2008) NovaDX Ventures Corp ("NovaDX") - TSX-V:NDX - reported today its second quarter fiscal 2008 financial results for the three and six month period ending December 31, 2007. The Company is pleased to announce its fifth consecutive quarter of profitability since the commencement of active business operations at the end of 2006. Revenue for the quarter was $2,174,537, with net income for the period at $1,407,642, or $0.064 per share ($0.045 fully diluted). The increase in revenue and profitability for Q2 2008 brings total revenue for the 6 months ended December 31, 2007 to $3,120,732, with net income of $2,064,620, or $0.094 per share ($0.068 fully diluted) for the first half of our 2007/08 fiscal year. "We are very pleased with this quarter's results", commented Neil MacDonald, CEO, "the results are demonstrative of how successful our business strategy of multiple revenue sources can be. Our investment banking and investment management revenue remained profitable during the quarter and we experienced solid gains in our investment portfolio adding significantly to the company's overall profitability." A breakdown of Fiscal Q2 2008 Results, as well as Q1 2008 and YE Fiscal 2007 Results as of June 30, 2007, is as follows (all figures in Canadian dollars and Canadian GAAP):  "The December quarter is particularly important to NovaDX as it marks the end of our first calendar year in business. For the year ended December, 2007, we were successful in growing our Net Assets per share by 100% from $0.208 per share at December 31, 2006 to $ 0.403 per share at December 31, 2007, and delivered trailing twelve months earnings per share of $0.168 basic and $0.124 fully diluted" commented Mr. MacDonald. "It is important to note that our growth in assets has resulted from internally generated capital from our operating businesses in addition to gains in our investments. NovaDX represents a unique investment vehicle in the junior exploration sector. Not only do our shareholders have exposure to our investments in the junior exploration sectors, the inherent risks and volatility of these speculative investments can be reduced significantly by the ongoing profitability of our investment banking and investment management business." A breakdown of trailing twelve months earnings to December 31, 2007, is as follows (all figures in Canadian dollars and Canadian GAAP)  Outlook The market volatility that commenced largely in the third quarter of 2007 in the wake of the sub�]prime credit concerns in the US and Canada is continuing and has had an undeniable effect on the resource markets in general and in the early stage exploration sector in particular. Despite the fact that underlying commodity prices have generally continued to show strength, a trend we expect will continue, overall market valuations and liquidity are markedly lower in the junior markets where NovaDX is focused. "This market environment represents an investment opportunity for NovaDX. Currently there is some very good value to be gained through investment in promising junior resource companies" said Mr. MacDonald. "As with all business cycles we believe the current uncertainty in the financial markets will be overcome and speculative capital will return to the junior markets rewarding those investors with the patience and contrarian approach to investing in the current market environment." In 2008, NovaDX will continue to build its funds under management and administration and is currently co�]sponsoring the Faircourt CSCRF 2008 No. 1 Limited Partnership flow through offering of $25 million. NovaDX also intends to continue to develop is private client flow through business. NovaDX will also continue to develop its investment banking business. Although we expect that this business may slow in the first quarter of 2008 we believe it will pick up during the balance of the year. During the twelve month period ending in December, 2008, NovaDX was been involved in assisting over 70 companies in raising exploration capital. NovaDX's objective is to continue to grow the investment banking business as a meaningful contributor to the Company's overall revenue base. Complete financial statements for NovaDX Ventures Corp. may be viewed at www.sedar.com. 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 Neil MacDonald, President & CEO For more information, please contact Neil MacDonald, Rick Peterson or Adam Ho 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 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. |
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You can view the Next NovaDX Corporate News item: Thu Mar 13, 2008, NovaDX Announces First Close for Faircourt CSCRF Flow-Through Units |