XGEN Announces Quarterly Results at September 30, 2007
30 Novembro 2007 - 10:51AM
Marketwired
TORONTO, ONTARIO (NEX BOARD: XGN.H) announces:
1. The unaudited consolidated financial statements for the
quarter-ending September 30, 2007 have now been filed and can be
viewed at www.sedar.com. Revenues for the quarter were nominal and
the Company reported a net loss of $157,926 for the quarter. The
Company continues to evaluate the oil and natural gas assets
acquired previously as disclosed in a press release dated June 13,
2007, specifically it continues to evaluate its financing
strategies with respect to these assets.
2. That it has filed an amended Management Discussion &
Analysis report for the fiscal year ending March 31, 2006 along
with amended Form 52-109F1 Certification of Annual Filings for the
year ended March 31, 2006. These amended filings have been prepared
pursuant to a review of the Company's Continuous Disclosure record
by staff of the Ontario Securities Commission. The deficiencies
cited in the Disclosure Review were that the Company did not
provide commentary in its MD&A documentation pertaining to its
disclosure controls. This commentary has now been provided in the
amended MD&A filings.
3. During the quarter ended September 30, 2007, the Company
completed a unit private placement for the settlement of
outstanding accounts payable. The Company issued 1,917,813 units
and settled $287,672 of accounts payable including a total of
$227,772 due to related parties. Each unit consisted of a common
share at $0.15 per share with a warrant to acquire an additional
common share at a price of $0.20 per share prior to August 8,
2008.
4. On November 4, 2007 the Company finalized a $100,000 loan
provided by a director of the Company. The loan is secured by a
third charge on the Company's assets and matures on May 27, 2009.
The balance due on the maturity date is $133,333. In addition, the
director received 333,000 stock options at an exercise price of
$0.25 per share which will expire if unexercised on November 26,
2012.
Forward-Looking Statements
Certain statements contained in this press release may
constitute forward looking statements reflect the Company's current
views with respect to future events and are subject to certain
risks, uncertainties and assumptions. Many factors could cause the
Company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including among other things, those
which are discussed under the heads "Risk Factors" and elsewhere in
documents that the Company files from time to time with securities
regulatory authorities. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. The Company does not
intend and does not assume any obligation, to update these
forward-looking statements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any State in which such offer, solicitation or sale
would be unlawful.
Neither the TSX Venture Exchange nor any securities regulatory
authority has approved or disapproved of this news release.
Contacts: XGEN Ventures Inc. Rod J. MacKenzie Managing Director
(403) 201-0387 XGEN Ventures Inc. Dan P. Amadori CFO (416)
644-4361
Xgen Ventures Inc. (TSXV:XGN.H)
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