Vancouver, British Columbia--(Newsfile Corp. - July 9, 2014) - Target Capital (CSE: TCI) is one of the latest new listings on the Canadian Securities Exchange, and is trading under the symbol "TCI".
Ryan Hoult, CFO, commented, "We are pleased to be joining the CSE, which is quickly becoming the go-to exchange for Canadian small businesses. Their focus on frequent disclosure and fair pricing benefits all market participants, and encourages an open and efficient capital market. This listing, in conjunction with our existing TSX-V listing, will also provide investors with additional options for trading our securities."
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Since its inception in 1993, Target has made strategic investments in companies that show strong potential for future growth. Historically, these have been "buy & hold" type investments; however, over the last two years Target has also made some short-term investments. These investments range from TSX Venture Exchange companies to small start-up operations to land development corporations.
Starting in 2009, Target began purchasing controlling interests in private companies. The nature of the Target's investment in the controlled private companies enables the debt securities of the companies to be eligible for Deferred Plans, such as RRSPs, RESPs and other plans, with Target earning fees from each company for enabling these companies to raise funds from Deferred Plans. The annual fee is generally the greater of $2,500 or 0.5% of the total capital raised by each private company from Deferred Plans.
Target's total revenue increased 97% or $1,316,829 for the year ended March 31, 2014 as compared to last year, due to a special dividend received from investments in Olympia Financial Group Inc. (TSX:OLY) and increased revenues from controlled private companies.
Total expenses increased 10% or $104,809 on account of higher royalties, borrowing costs, management bonuses and rent expenses. As a result, Target reports an increase in net earnings of $1,257,435 or 454% surpassing its record for the past years.
Target was founded by CEO Rick Skauge, who continues to be the major shareholder. Rick also founded Olympia Trust in 1996 and is President and CEO of Olympia Financial.
The shares, which only trade infrequently, last traded at $1.40, and with 3.85 million shares outstanding, the company is capitalized at $5.4 million.
For a more information, please visit www.TargetCapitalInc.com, contact Ryan Hoult at 403-261-7500 or email ryan@targetcapitalinc.com.
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