February 19, 2016 - Elysee Development Corp. (TSXV: ELC) has released its audited Financial Statements for the fiscal year ended November 30, 2015
During the fiscal year ended November 30, 2015, Elysee had net earnings of $744,279 as compared with net earnings of $1,804,549 for fiscal 2014. The earnings for 2015 were primarily the result of net investment gains of $853,794 on marketable securities, interest income of $69,044 and foreign exchange gains of $263,511. Earnings in Fiscal 2014 were primarily the result of net investment gains of $1,348,527 along with a gain on the reversal of an accrual of $1,065,716 related to prior periods. As a result of the forgoing, Elysee earned $0.035 per share in fiscal 2015 as compared with earnings per share of $0.084 in 2014.
As at November 30, 2015, the fair value of the company’s investments in marketable securities was $3,920,592, as compared with $3,527,786 as at November 30, 2014. Cash and cash equivalents at November 30, 2015 totaled $4,106,844 as compared to $3,890,409 at November 30, 2014. The Company’s only debt is comprised of trade payables and accruals which totaled $24,187 at November 30, 2015.
During the year ended November 30, 2015 the Company repurchased 670,000 of its shares at a total cost of $130,722 pursuant to a Normal Course Issuer Bid. These shares were cancelled and returned to treasury during the period.
During the year ended November 30, 2015 the Company operated as a Tier 2 Mining Issuer. In December 2015 the Company received final approval from the TSX Venture Exchange and completed a change of business (“COB”) to a Tier 2 investment company (see our news release of December 31, 2015). The Company believes that the experience and contacts of its board of directors and management will enable it to identify and capitalize upon investment opportunities as an investment issuer. Management has adopted an Investment Policy to govern its investment activities and investment strategy. This Investment Policy provides, among other things, that: (a) the Company will seek high return investment opportunities in privately held and in publicly traded companies with a focus on publicly traded resource issuers; (b) the Company will seek to preserve capital and limit downside risk while achieving a reasonable rate of capital appreciation; and (c) the Company will seek investments that provide liquidity.
FOR FURTHER INFORMATION, PLEASE CONTACT:
President & Chief Executive Officer
Elysee Development Corp.
Tel: (604) 689-1749
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the COB. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.