MONTREAL, QUEBEC -- (Marketwire) -- 05/14/12 -- 360 VOX Corporation ('360 VOX' or 'the Company') (TSX VENTURE: VOX), announced today its first quarter results for the three months ended March 31, 2012 (all figures in U.S. dollars and presented under IFRS, except where otherwise indicated).
-- Revenue of $2.1 million, up from nil in the same period in 2010 -- Net income before tax approximating $135,000 compared to a loss approximating $454,000 in the same period in 2010
The Company has commenced earning revenues from its development, consulting and asset management activities in 2012, the outcome of a successful acquisition of 360 VOX Developments Inc. in 2011 and other management agreements entered into in early 2012. Full financial details are contained in the interim financial statements and MD&A filed on SEDAR and on the Company's website.
"We are excited about the early results for 2012 and we look to build on this platform going forward. The Company is well positioned to expand its management and development activities in 2012 and beyond." said Robin Conners, President and CEO of 360 VOX Corporation.
On behalf of the Board of Directors, Robin Conners, President and CEO
About 360 VOX Corporation:
360 VOX Corporation is a publicly traded company, incorporated under the laws of Ontario and listed on the TSX Venture Exchange under the symbol "VOX". The Company is engaged in the business of developing and managing international hotel, resort, residential and commercial properties through its wholly-owned subsidiary, 360 VOX Developments Inc. and 360 VOX Asset Management Inc.; and in Cuba through its wholly owned subsidiary, Wilton Properties Ltd., in joint venture with Grupo Hotelero Gran Caribe S.A., an agency of the Cuban government. For further information on the Company please visit our website at www.360vox.com. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).
This news release may contain forward-looking statements and information within the meaning of applicable securities legislation. These statements reflect management's current expectations, estimates, projections, beliefs and assumptions that were made using information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "forecast", "outlook", "potential", "continue", "should", "likely" or the negative of these terms or other comparable terminology. In particular, forward-looking statements include statements regarding payment of fees are based on assumptions that management believe are reasonable. These statements are not guarantees of future results and are subject to numerous risks and uncertainties, including the Company's decision on whether to continue with certain projects; and the availability of capital to finance growth of the projects; adverse factors generally encountered in the hospitality industry; the risks associated with world events, including war, terrorism, international conflicts, natural disasters and extreme weather conditions; general economic conditions, supply and demand changes for hotel rooms; competitive conditions in the hospitality industry; changes to permitting and entitlements; changes to the hospitality industry and government regulation and currency fluctuations. Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
360 VOX Corporation
Chief Financial Officer
Marcovitch Public Relations