VANCOUVER, Aug. 13, 2019 /CNW/ - Itasca Capital Ltd. (TSX-V:
ICL) ("Itasca" or "Company") today filed its unaudited interim
financial statements for the six months ended June 30, 2019 and the related management
discussion & analysis, both of which are available under
Itasca's profile on SEDAR at www.sedar.com. All amounts are in
Canadian dollars unless indicated otherwise.
The Company reported net gain attributable to common
shareholders of $1.2 million, or
$0.05 earnings per share in the
second quarter of 2019, primarily due to $1.6 million unrealized gain on the Company's
investment in 1347 Investors LLC, partially reduced by foreign
exchange loss of $0.3 million. Itasca
reported net loss attributable to common shareholders of
$0.1 million, or $0.005 loss per share in the second quarter of
2018.
As of June 30, 2019, Itasca
reported total shareholders' equity of $14.3
million with a book value per share of $0.65 based on the 21,810,626 issued and
outstanding common shares.
Itasca also announced the appointment of Hassan R. Baqar to the Company's Board of
Directors, effective as of August 13,
2019. Hassan has previously served in several executive
positions, including in capacity of officer and director of
publicly traded and privately held entities. Mr. Baqar will also
continue in his role as Chief Financial Officer of the Company.
Management Comments:
Larry G. Swets, Jr., Chief Executive
Officer and Director, stated, "We are pleased to see improved
common share price of Limbach Holdings Inc., which drives the value
of our investment in 1347 Investors LLC. We continue to pursue
realization options for our investment and other value-enhancing
opportunities for Itasca and our shareholders. I am pleased that
Hassan agreed to join the Board of Directors as he is instrumental
to our future ability to develop opportunities to enhance
shareholder value."
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this news release.
CAUTIONARY NOTE
Book value per share is a non-IFRS
measure calculated as the total of shareholders' equity divided by
the issued and outstanding shares of Itasca. The term "book value
per share" does not have any standardized meaning according to IFRS
and therefore may not be comparable to similar measures presented
by other companies. There is no comparable IFRS measure presented
in Itasca's audited consolidated financial statements and thus no
applicable quantitative reconciliation for such non-IFRS financial
measure. Itasca believes that book value per share can provide
information useful to its shareholders.
SOURCE Itasca Capital Ltd.