SWEF TERRAWINDS RESOURCES CORP. Files First Quarter Financial Results
TORONTO, May 28, 2012 /CNW/ - SWEF TERRAWINDS RESOURCES CORP. (the "Company") announces it has filed with Canadian securities regulators its unaudited interim financial statements and Management's Discussion and Analysis ("MD&A") for the three month periods ended March 31, 2012 and 2011. These documents will be available at www.sedar.com and www.sweflp.com.
On January 16, 2008, March 10, 2008, April 29, 2008, August 29, 2008, November 13, 2008, December 1, 2008, March 26, 2009 and July 24, 2009 management provided instructions to shareholders regarding the process for submitting tax indemnity claims and the status of the claims process. Distributions of the funds held in trust by the Agent have commenced as the relevant taxation authorities have begun providing individual reassessments for the 2005 tax year allowing shareholders to make their tax indemnity claims. Further information is available at www.sweflp.com and www.terida.com/paymentagent.
Recent Developments
The tax indemnity period has been extended to July 31, 2013. Investors who intend to file claims against the tax indemnity fund and have not yet done so are urged to do so as soon as possible.
Results of Operations
Net loss for the three month period ended March 31, 2012 was $146 thousand compared to a net loss of $367 thousand for the same period in fiscal 2011. The decrease in net loss of $221 thousand is due primarily to a decrease in tax indemnity payments of $253 thousand and related deferred income tax recovery of $62 thousand when comparing the three month period ended March 31, 2012 to the same period in fiscal 2011.
Interest income for the three month period ended March 31, 2012 was $21 thousand, which compares to $23 thousand for the same period in fiscal 2011.
Professional fees and other expenses for the three month period ended March 31, 2012 were $62 thousand compared to $91 thousand for the same period in fiscal 2011. The year ending December 31, 2011 incurred lower professional fees due to lower levels of activity during the year. As well, professional fees relating to the Company's transition to IFRS were incurred in the three month period ended March 31, 2011; similar fees were not incurred in the three month period ended March 31, 2012.
Deferred income tax recovery for the three month period ended March 31, 2012 was $43 thousand, compared to a recovery of $105 thousand for the same period in fiscal 2011. The deferred income tax recovery for the three month period ended March 31, 2012 arises due to the tax indemnity claims made in the period. The recovery decreased by $62 thousand due to fewer tax indemnity claims made in the three month period ended March 31 2012 when compared to 2011.
W. Judson Martin, Chairman SWEF Terrawinds Resources Corp. [email protected]
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