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CALGARY, January 13 /CNW/ - McCarthy Corporation plc (the ``Corporation'') is pleased to announce the closing of the recently signed agreement for the sale of approximately 7.3 million shares in Q-Zar to a nominee of the executive management group of Q-Zar Inc. led by its CEO Tom Butler. The Sale Agreement was completed substantially in accordance with the previously disclosed terms. ``We are delighted to have closed the Sale Agreement of Q-Zar which will provide new capital for the Corporation to pursue a number of high growth opportunities and joint ventures including those with Richard Branson's global Virgin Group'' said Tim McCarthy, CEO, McCarthy Corporation. CALGARY, Dec. 5 /CNW/ - The Board of McCarthy Corporation plc (the ``Corporation'') is pleased to announce continued strong results for the first nine months of 1996 based on unaudited financial statements. The Corporation's revenues increased by 55% to C62.03 million compared to the same period last year. Net earnings were C$5.03 million or C$0.13 per share, compared with C$9.14 million or C$0.28 per share for the same period in 1995. The third quarter showed a solid performance with earnings per share of C$0.13, which increased from C$0.06 at the half year stage. The Corporation's balance sheet continues to show sustained growth with total assets of C$159.56, an increase of 66% over the 1995 year end figure. Current shareholder equity of C$52.9 represents an increase of 9% since December 31, 1995. Tim McCarthy, President and Chief Executive Officer, said ``These results underline the continuing success of our operational strategy. The performance of our subsidiaries has continued, with Q-Zar posting impressive results. Hemisphere Inc., a telecommunications company in which the Corporation holds a major stake, has recently raised further capital financing which represents an increased valuation of 40% compared with our original purchase price. With a number of contracts with major PTT's concluded and several more on the horizon, we continue to remain extremely optimistic about Hemisphere's future potential. In addition, the Corporation is considering a number of significant opportunities with Richard Branson's Virgin Group, all of which represent the prospect of an exciting future for McCarthy Corporation''. | ||||||||||||||
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