342 0 Kommentare NorRock Realty Finance Corporation Announces 2014 Semi-Annual Financial Results

TORONTO, ONTARIO--(Marketwired - Aug. 28, 2014) - NorRock Realty Finance Corporation ("NorRock" or the "Corporation") (NEX BOARD:RF.H) announces the release of its financial statements and management report of fund performance ("MRFP") for the period ended June 30, 2014. All capitalized terms used and not defined in this press release have the meaning given to then in the MRFP.

2014 Review and Outlook

The Corporation reports the following operational and financial highlights.

As a result of the asset sale to Partners REIT, NorRock substantially discontinued its business and subsequently, did not meet the original listing requirement of the Toronto Stock Exchange ("TSX"). The Preferred shares were cancelled on February 1, 2012 pursuant to the transaction with Partners REIT. The NorRock Class A shares were voluntarily delisted from TSX at the close of business on March 2, 2012 and were listed for trading on NEX at the opening of the markets on March 5, 2012 with the trading symbol RF.H. On February 13, 2013 the NorRock Class A shares were halted from trading by IIROC pending a proposed reactivation transaction with HighView Financial Holdings Inc. On May 12, 2014 the Company subsequently announced that it would not be proceeding with its proposed transaction with HighView Financial Holdings Inc. and shares resumed trading on Tuesday, June 17, 2014.

It is important to note that the financial statements have been prepared on a going concern basis. The going concern basis of presentation assumes that the Corporation will continue operations for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operation.

Business Plan

NorRock's board of directors and management continues to explore options, which they believe will be in the best interests of NorRock and its shareholders. Any proposed transaction will be subject to receipt of all necessary regulatory approvals. The business of NorRock may remain in the commercial real estate lending industry or be in a different industry.

Cash on Hand

At June 30, 2014, the Corporation had approximately $76,000 cash on hand.

Distributions to Shareholder

There were no Distributions in 2014.

Net Asset Value

The net book value per Class A share as at June 30, 2014 was ($0.085).

Additional Information

For detailed information on financial results please refer to the Corporation's financial statements and management report of fund performance for the period ending June 30, 2014 available under the Corporation's profile on SEDAR (www.sedar.com).

The Corporation

The Corporation is a mutual fund corporation under the Income Tax Act (Canada), incorporated under the laws of Ontario.

Certain statements included in this news release constitute forward-looking statements including statements identified by the words "plan", "will" and "intend", and similar expressions or the negative thereof. The forward-looking statements are not historical facts but reflect the Corporation's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Readers are cautioned not to place undue reliance on forward-looking information. The Corporation undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information except as required by law.

Neither TSX Venture Exchange nor its Regulator Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.