Carmanah Resources Second Quarter 2000 Results
AUGUST 30, 2000 - 08:38 EDT
CALGARY, ALBERTA--Carmanah Resources Ltd. ("CKM" - TSE) faces an
uncertain future. The Company has a net working capital deficit
of $25.4 million and is urgently in need of a cash injection to
maintain essential operations. Recent efforts have focused on
disposing of the remaining assets, repaying the bank debt and
refinancing the Company for rebuilding. However, the cash flow
requirements of these assets may require that the Company sell
them for proceeds considerably less than their balance sheet
valuation. Discussions are ongoing, but if they are not concluded
quickly the company will be without the cash essential to survive.
Carmanah does not have producing oil and gas properties. The
revenue and net earnings for the six months resulted from gains on
the sale of all its Indonesian oil and gas properties.
/T/
Summary Financial Results
Six Months Ended June 30,
2000 1999
------ ------
Revenue ($000) 5,184 2,087
Cash flow used in operations ($000) (1,857) (2,955)
Capital expenditures ($000) 1,818 4,676
Net earnings (loss) ($000) 1,229 (4,167)
per share ($) 0.03 (0.10)
Weighted average shares
outstanding (MM) 41.8 41.8
/T/
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FOR FURTHER INFORMATION PLEASE CONTACT:
Carmanah Resources Ltd.
Trevor G. Penford
President
(403) 266-4975
(403) 262-9519 (FAX)
E-mail: carmanah@cadvision.com |
