OAKVILLE, ONTARIO — (Marketwired) — 05/14/13 — BENEV Capital Inc. (TSX: BEV) (the “Company” or “BCI”) today announced its results for the period ending March 31, 2013. There was no revenue for the quarter as the Saint Ambroise facility remained closed in order to accumulate a stockpile of soil inventory. Net loss was $0.9 million and loss per share was $0.02 on a fully diluted basis.
As previously announced on March 7, 2013, the Company has entered into a binding purchase and sale agreement on an arm–s length basis to sell its Saint Ambroise, Quebec waste treatment plant and related assets and liabilities to 8439117 Canada Inc., a company controlled by the plant–s current manager, Mr. Jean-Francois Landry. Closing is expected to occur in the second quarter of 2013.
At the Company–s annual and special meeting of the shareholders held on May 3, 2013, James Farrar, Mitchell Gropper, Lawrence Haber and Livia Mahler were elected to the Company–s Board of Directors. The detailed results of the vote for the election of directors are set out below. For further information, please refer to the management proxy circular available on .
A fuller discussion is available in the Management Discussion and Analysis on and Interim Condensed Consolidated Financial Statements on http://media3.marketwire.com/docs/BENEVIFSQ113.pdf.
Forward Looking Statements
Certain statements contained in this press release and in certain documents incorporated herein by reference may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of BENEV Capital Inc. to differ materially from those anticipated or implied in such forward-looking statements. BENEV Capital Inc. believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Given these uncertainties, readers are cautioned that forward-looking statements included in, or incorporated by reference into, this press release are not guarantees of future performance, and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date of this press release. BENEV Capital Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting BENEV Capital Inc. will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity, regulations (including those regarding importation of hazardous materials), and that there will be no unplanned material changes in its facilities, equipment, or customer or employee relations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
All of the forward-looking statements made in this Press Release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, BENEV Capital Inc.
About BENEV Capital Inc.
BENEV Capital Inc. is a North American leader in high temperature treatment services for the treatment of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the U.S. BENEV Capital Inc.–s technology provides for the safe, economical and permanent solution to contaminated soil. Independent testing has consistently proven that the technology operates well within the most stringent criteria in North America. For information, please visit the BENEV Capital Inc. website at: .
Contacts:
BENEV Capital Inc.
Lawrence Haber
President and CEO
(905) 339-1540 Ext. 202