MEDWELL CAPITAL REPORTS Q1 RESULTS
Edmonton, Alberta, May 28, 2014 – Medwell Capital Corp. (TSX-V: MWC) today announced its financial and operational results for the quarter ended March 31, 2014.
“Although a lower Spectral share price negatively impacted our financial statements with an unrealized loss for the quarter, we are pleased with the final outcome of their second interim analysis that was announced on April 14th.” said Kevin Giese, President and CEO of Medwell.
For the quarter ended March 31, 2014, the consolidated net loss of the Corporation was $4.9 million ($0.68 per share), as compared to a net loss of $0.7 million ($0.10 loss per share) for the same period last year. The loss for the quarter largely reflects an unrealized loss of $4.6 million on the Spectral investment.
The Company continues to manage costs judiciously and ended the quarter with $4.6 million in cash and cash equivalents.
As at March 31, 2014, there were 7,282,589 common shares issued and outstanding.
For complete financial results, please see the company’s filings at SEDAR or on the company’s website (www.medwellcapital.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements, which reflect the Company’s current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation’s ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.