***NEWS RELEASE***
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: JABA INC.
ASE SYMBOL: JBA
NOVEMBER 26, 1997
JABA Inc.: Update
VANCOUVER, BRITISH COLUMBIA--
MANAGEMENT CHANGES
JABA Inc. (ASE-JBA) is pleased to announce the appointment of a
new director to its Board of Directors and appointment of an
Interim president. At a Special Meeting of the Board of Directors
held on Tuesday afternoon, November 25th, W. Brent Peters of
Vancouver, Canada, was unanimously appointed to the Board of
Directors and James J. Alexander, also of Vancouver, was appointed
Interim President of JABA Inc. In addition, JABA Inc. has
accepted the resignation of long-standing director Donald A.
Sharpe effective November 25, 1997.
THIRD QUARTER RESULTS
In addition, JABA Inc. has completed its interim financial
statements for the period ended September 30, 1997. Due to the
postal disruption in Canada, we are summarizing, in Canadian
dollars, the information contained in the financial statements as
follows:
SUMMARIZED BALANCE SHEET
September 30, 1997 September 30, 1996
Current Assets $1,202,327 $ 575,711
Mineral Properties 4,706,371 2,811,127
Other Assets 659,602 498,872
Current Liabilities 66,457 119,878
Shareholders' Equity 6,501,843 3,765,832
SUMMARIZED INCOME STATEMENT
September 30, 1997 September 30, 1996
Net Loss for Period $1,276,533 $1,410,488
Net Loss per Share 0.08 0.17
Upon request, the Company shall promptly provide a printed copy of
the financial statements to each shareholder at no cost to the
shareholder and deliver it to any place specified by the
requestor. Once postal service has resumed in Canada, the Company
shall mail out printed copies of its financial statements to all
registered shareholders within 10 days, as well as confirm the
mailing within the same time period. The financial statements are
now available for download on our website at jaba.com
JABA invites further inquiries through its Investor Relations
telephone number (800) 863-1551 at the Company's Vancouver office
of 850 W. Hastings Street, Suite 400, Vancouver, BC, Canada V6C
1E1. E-mail contacts may be made to Messrs. Briscoe at
JBriscoe@jaba.com or Guilbert at JGuilbert@jaba.com Additional
information is also available by our Fax Back service at (520)
327-7440, Extension 243 or on the JABA website at
jaba.com
On behalf of the Board
James A. Briscoe, Chief Executive Officer
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
JABA Inc.
James A. Briscoe
Chief Executive Officer
(604) 602-9002
The Alberta Stock Exchange has neither approved nor disapproved
the information contained herein.
INDUSTRY: PCS
SUBJECT: NWS |
