NEW YORK, Nov. 18, 2013 /PRNewswire/ -- Millennium India
Acquisition Company, Inc. ("Millennium" or "MIAC") [OTCQB: SMCG],
today announced unaudited GAAP results for its sole investment
which his a 14.03% common stock position in SMC Global Securities
Limited ("SMC Global"). SMC Global is an India based brokerage firm.
SMC Global has provided the following financial update for
purposes of releasing it to the shareholders of MIAC:
On a GAAP basis for the quarter ended September 30, 2013, SMC Global had total revenues
of approximately $12.61 million
(Rs.789.33 million) and Net Profit of
approximately $1.26 million (Rs.
78.66 million). For the quarter ended September 30, 2012, SMC Global previously
announced total revenues of Rs. 720.31 million and Net Profit of
Rs. 42.41 million.
SMC Global publishes its financial information in Indian Rupees.
All translations from Indian Rupees to U.S. dollars are made on the
basis of an exchange rate of Rs. 62.58 = U.S.$ 1.00 as of September 30,
2013, and are made solely for the convenience of the
reader.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the Federal securities laws about MIAC and SMC
Global. Statements in this press release that are not statements of
historical or current fact constitute forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the
actual results of MIAC to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes", "belief,"
"expects," 'intends," "anticipates," "plans," or similar terms to
be uncertain and forward-looking. The forward-looking statements
contained herein are also subject generally to other risks and
uncertainties that are described from time to time in MIAC's
filings with the Securities and Exchange Commission. The
information set forth herein should be read in light of such risks.
Additionally, any information of SMC Global is provided by SMC
Global and any financial information of SMC Global is prepared by
SMC Global and derived from financial statements prepared in
accordance with U.S. generally accepted accounting principles. Such
financial information does not conform to the requirements of
Regulation S-X under the Securities Act of 1933, as amended.
Statements included in this press release are based upon
information provided to MIAC by SMC Global, and MIAC assumes no
obligation to update or alter our forward-looking statements made
in this press release, whether as a result of new information,
future events or otherwise, except as otherwise required by
applicable federal securities laws.
SOURCE Millennium India Acquisition Company, Inc.
