NovaDX Announces Fiscal 2007YE Results
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October 24, 2007 NovaDX Ventures Corp, President & CEO, Neil MacDonald, reports:
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. In summary, NovaDX has established a platform on which to grow. With a positive outlook for the junior resource sector we believe we can continue to build shareholder value by delivering earnings from our investment banking and advisory services, fund administration and strategic investing initiatives. We thank our shareholders for their continued support." 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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You can view the Next NovaDX Corporate News item: Wed Nov 7, 2007, NovaDX Completes CSCRF LP Offering to Reach $26 million in Flow-Through Funds Under Administration in 2007 |
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