LOOK COMMUNICATIONS REPORTS SECOND QUARTER 2011 RESULTS
TORONTO, April 11/CNW/ - Look Communications Inc. ("Look" or the "Corporation") (TSX Venture: LOKand LOK.A) today reported its operating and financial results for the secondquarter of fiscal 2011, ended February 28, 2011.
Recent operating and financial highlights:
- Cash and cash equivalents and short-term investments at February 28, 2011 totalled $25.8 million, which represents a decrease of $1.5 million from August 31, 2010. This decrease is due primarily to the Corporation's losses from ongoing operations;
- Operating expenses for the quarter ended February 28, 2011 totalled $1.0 million, a decrease of
.8 million or 44.4% from the $1.8 million incurred during quarter ended February 28, 2010; and
- The net loss for the quarter ended February 28, 2011 was
.9 million, or a basic loss per share of
.01.
- On February 3, 2011, the Corporation received notice from the TSX Venture Exchange (the "Exchange") that, in accordance with its Continued Listing Requirements outlined in Exchange Policy 2.5, it would appear that the Corporation no longer meets the tests related to having a significant interest in a business or primary asset used to carry on business. The Corporation therefore expects that the Exchange will issue a bulletin advising that the Corporation will move from Tier 1 to Tier 2 and the Corporation may be provided notice to transfer its listing to the NEX.
The Corporation continues to pursue opportunities to realizevalue from its tax attributes. The Corporation's remaining tax attributes ofapproximately $188,444 may be utilized by theCorporation in its future operations, or may be utilized by a potential acquirerto offset income, provided certain tests are satisfied including those relatedto change in control.
For further information on Look's financial results, pleasereview the Corporation's interim unaudited consolidated financial statements andmanagement's discussion and analysis of financial condition and results ofoperations for the six months ended February 28,2011 and 2010 as well as the Corporation's annual audited consolidatedfinancial statements and management's discussion and analysis of financialcondition and results of operations for the years ended August 31, 2010 and 2009.
About Look Communications Inc.
Look's shares are listed on the TSX Venture Exchange underthe symbols "LOK" for Multiple Voting Shares and "LOK.A" for Subordinate VotingShares. Look's website may be found at www.look.ca.
The corporate information contained in this release includesforward-looking statements regarding future events and the future performance ofLook that involve risks and uncertainties that could cause actual results todiffer materially. Assumptions used in the preparation of such information,although considered reasonable by Look at the time of preparation, may prove tobe incorrect. The actual results achieved may vary from the information providedherein and the variations may be material. Consequently, there is norepresentation by Look that actual results achieved will be the same in whole orin part as those forecast.
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.