Pinetree Announces Record Year-End Results
TORONTO, ONTARIO--Pinetree Capital Corp. (CDNX: PNP), a leading strategic investment company, today announced its results for the fiscal year ended December 31, 1999.
Revenue for fiscal 1999 was $8,089,934, an increase of 257% over the $2,264,367 in the year-earlier period. Net income for the year was $5,042,700 ($0.58 per share), an increase of 722% over the $613,713 ($0.08 per share) earned in fiscal 1998.
Pinetree's gain on the sale of marketable securities and long-term investments for fiscal 1999 increased to $8,745,443, 205% higher than the $2,866,053 posted in fiscal 1998.
``We're extremely pleased with Pinetree's strong financial performance over the past year,' said Sheldon Inwentash, Chairman and Chief Executive Officer. ``We believe this performance is indicative of the success of Pinetree's strategy of developing relationships with innovative companies early on, providing them with the tools they need to grow and remaining with them over the long-term to create real, sustainable value for our shareholders.'
As of December 31, 1999, Pinetree's investments had a market value of approximately $36,864,000, compared with a value of $9,823,000 on December 31, 1998, a 275% increase.
``Pinetree is in the business of making strategic investments in promising high tech companies that have real, proprietary technological solutions - companies focused on Internet infrastructure, telecommunications and wireless technologies,' Mr. Inwentash said. ``Pinetree has made investments in a number of companies in the past that have just recently come to fruition. We have a number of such companies still in development and are optimistic about continued, long-term success.'
Pinetree Capital Corp. identifies emerging growth businesses with innovative proprietary products and provides strategic financing in their early stages of development. The Company cultivates these business relationships, taking leadership positions in the companies in which it invests, and provides them with financial and personnel resources as well as strategic counsel. Pinetree's investment targets are primarily in the e-business sector, with a special emphasis on those companies with Internet enabling technologies.
Pinetree's current business commenced in January 1992 and is based in Toronto, Ontario. To obtain more information about Pinetree, please visit its web site at www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning of the ``safe harbour' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
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Contact:
Sheldon Inwentash
Chairman and Chief Executive Officer
or
Larry Goldberg
Executive Vice-President and Chief Financial Officer
(416) 941-9600
ir@pinetreecapital.com
Web Site: www.pinetreecapital.com |
