Kobex Announces Financial Results for the Third Quarter of 2015
VANCOUVER, BC--(Marketwired - November 24, 2015) - Kobex Capital Corp. (TSX VENTURE: KXM) (OTCQB: KBXMF) (the "Company" or "Kobex") today announced its unaudited consolidated financial results for the third quarter ended September 30, 2015.
Selected Quarterly Information
The following table summarizes selected financial information for the three and nine months ended. Kobex had no operating revenue and did not declare or pay any dividend or distribution in the most recently completed financial reporting period.
| Statements of Comprehensive (Loss) Income | For the three months ended | For the nine months ended | |||||||||||
| September 30 2015 | September 30 2014 | September 30 2015 | September 30 2014 | ||||||||||
| $ | $ | $ | $ | ||||||||||
| General and administrative expenses: | |||||||||||||
| Share-based compensation | (146,203 | ) | (1,728 | ) | (147,555 | ) | (7,833 | ) | |||||
| Directors' fees, salaries and benefits | (61,601 | ) | (50,014 | ) | (132,213 | ) | (132,218 | ) | |||||
| Transfer agent, exchange listing and shareholder information | (49,067 | ) | (23,825 | ) | (66,429 | ) | (51,870 | ) | |||||
| Consulting | (34,977 | ) | (34,151 | ) | (104,929 | ) | (81,128 | ) | |||||
| Office and corporate administration | (30,000 | ) | (30,000 | ) | (90,000 | ) | (90,000 | ) | |||||
| Professional fees | (11,840 | ) | (27,323 | ) | (69,355 | ) | (64,996 | ) | |||||
| Rent and office costs | (10,420 | ) | (29,674 | ) | (12,698 | ) | (97,759 | ) | |||||
| Interest income | 71,470 | 102,572 | 243,477 | 389,946 | |||||||||
| Other | (187 | ) | (76 | ) | (105 | ) | 212,767 | ||||||
| (Loss) income for the period | (272,825 | ) | (94,219 | ) | (379,807 | ) | 76,909 | ||||||
| Change in fair market value of marketable securities | (1,987,012 | ) | 490,000 | (1,508,418 | ) | 600,000 | |||||||
| Comprehensive (loss) income for the period | (2,259,837 | ) | 395,781 | (1,888,225 | ) | 676,909 | |||||||
| Basic and diluted (loss) earnings per share | (0.01 | ) | 0.00 | (0.01 | ) | 0.00 | |||||||
The Company's financial position as at September 30, 2015 is summarized as follows:
| Financial Position as at | September 30 2015 | December 31 2014 |
| $ | $ | |
| Cash and cash equivalents | 27,786,978 | 28,747,489 |
| Marketable securities | 4,052,903 | 4,858,333 |
| Other assets | 49,868 | 40,934 |
| Total assets | 31,889,749 | 33,646,756 |
| Current liabilities | 75,046 | 87,434 |
| Long-term liabilities | - | 3,949 |
| Shareholders' equity | 31,814,703 | 33,555,373 |
| Total liabilities and shareholders' equity | 31,889,749 | 33,646,756 |
Shareholder Update
Further to its press release dated November 10, 2015, the board of directors of Kobex also wishes to confirm that there has been no "Flip-in Event" and the "Separation Time" has not occurred under the shareholder rights plan of the Company, dated as of October 8, 2015, as amended November 10, 2015, between the Company and Computershare Investor Services Inc., and that such rights plan remains in full force and effect.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any anticipated results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words "anticipate", "continue", "expect", "may", "will", "would", "project", "should", "believe", "plan" and "intends" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements may relate to Kobex's management's expectations, estimates and analysis with respect to its business strategy.
Forward-looking statements are based on certain factors and assumptions regarding, among other things, market acceptance of Kobex's corporate strategy and corporate endeavours; statements with respect to potential transactions and other strategic opportunities; statements with respect to dissolution of Kobex and distribution of all of its assets; and statements with respect to the success of Kobex's announced corporate strategy and future transactions. There can be no assurance that these assumptions will prove to be correct. Readers are cautioned that forward-looking statements included in this news release are not guarantees of future performance, and are also cautioned not to place undue reliance on forward-looking statements which involve known and unknown material risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any anticipated results, performance or achievements expressed or implied in such forward-looking statements. These statements speak only as of the date of this news release. Kobex undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.
All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the anticipated results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Kobex.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact
For further information, please contact:
Kobex Capital Corp.
Philip du Toit
President and CEO
Tel: 647-818-2920