TORONTO, ONTARIO -- (Marketwired) -- 07/31/14 -- Quantum International Income Corp. (NEX BOARD: QIC.H), ("Quantum"), today announces results for the three months ended May 31, 2014.
With effect from March 14, 2014, the name of the Company changed from "E.G. Capital Inc." to "Quantum International Income Corp".
Comparison of the three months ended May 31, 2014 and May 31, 2013
Revenue was $nil for the three month period ended May 31, 2014 as compared to $nil for the same period last year.
Administrative Expenses were $306,386 for the three months ended May 31, 2014 as compared to $16,165 for the same period last year. For the three months ended May 31, 2014, the $306,386 included approximately $123,301 in professional and advisory expenses, approximately $102,419 in Consulting Fees, approximately $27,185 in regulatory related filing expenses, and approximately $53,481 in sundry administrative costs. For the three months ended May 31, 2013, the $16,165 included approximately $12,000 in professional and advisory expenses and approximately $4,165 in regulatory related filing expenses, consulting, and sundry administrative costs.
Of the $102,419 in Consulting Fees accrued over the three months ended May 31, 2014, $42,419 remains outstanding at year end as an accrued liability while $60,000 were was paid out to directors and officers of the Company for their consulting services related to the reactivation transaction.
The Company incurred interest and bank charges of $7,385 for the three months ended May 31, 2014 as compared to interest expense of $18 for the same period last year. The interest was largely due to accrued interest on outstanding Ontario capital tax for which management paid in full as of March 24, 2014.
As a result of the foregoing factors, the loss for the three months ended May 31, 2014 was $313,771 as compared to a loss of $16,183 for the same period last year.
About Quantum International Income Corp
The Company is an inactive Corporation listed on the NEX board of the TSX Venture Exchange Inc ("the Exchange"). The business of the Company is to identify and evaluate businesses or assets with a view to completing a reactivation transaction on the Exchange. The Company intends to acquire and develop businesses with sustainable and growing cash flow across multiple sectors.
This press release may contain forward-looking statements relating to the Corporation. Among the important factors that could cause actual results to differ materially from those indicated by such forward looking statements are competitive pressures, technical difficulties, market acceptance, changes in customer requirements, and general economic conditions, and other risks and uncertainties as described from time to time in Corporation's reports, registration statements and filings filed by the Corporation with securities regulatory authorities.
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Quantum International Income Corp.
Roy L. Booth
CFO
(416) 477-3400
