23rd Feb 2007 10:35
India Hospitality Corp. (LSE:IHC), today announced that it hasfiled consolidated financial statements for the period May 12, 2006(inception) to December 31, 2006. For the period from May 12, 2006 toDecember 31, 2006, the company generated an operating loss of $844,525and pre-tax profit of $1,266,390 or $0.08 per share. As of December31, 2006, the company had $99.6 million in cash. £ About India Hospitality Corp. £ India Hospitality Corp. is a Special Purpose AcquisitionCorporation (SPAC) created to initially pursue partnerships only of anIndian business, businesses or assets focused on the hospitality,leisure, tourism, travel and related industries, including but notlimited to hotels, resorts, timeshares, serviced apartments andrestaurants. While the company's potential partnerships could comefrom any of these sectors, the primary focus will be on thehospitality industry. It expects to pursue these initiatives initiallyonly in India. £ In August of 2006, the company raised $100 million in an IPO andis listed on the Alternative Investment Market, "AIM", a marketoperated by the London Stock Exchange, under the ticker IHC. Thecompany is sponsored by Hayground Cove Asset Management LLC, a NewYork-based investment management firm with approximately $2.0 billionunder management. Jason Ader, the company's Chief Executive Officerand Chairman of the Board is the Chief Executive Officer of HaygroundCove Asset Management. Mr. Ader has a strong background in the leisureand hospitality industries. Prior to founding Hayground Cove, he wasSenior Managing Director at Bear Stearns & Co., Inc., supervisingcoverage of the lodging and hospitality industry and was a top rankedanalyst by Institutional Investor Magazine's All-American ResearchTeam for nine consecutive years. £ This press release contains certain forward-looking statements.Statements containing expressions such as "may," "will," "project,""might," "expect," "believe," "anticipate," "intend," "could,""would," "estimate," "potential," "continue," or "pursue," or thenegative or other variations thereof or comparable terminology used inIndia Hospitality Corp.'s press releases and in its reports filed withthe Securities and Exchange Commission are intended to identifyforward-looking statements. These forward-looking statements, whichare included in accordance with the Safe Harbor provisions of thePrivate Securities Litigation Reform Act of 1995, may involve knownand unknown risks, uncertainties and other factors that may causeIndia Hospitality Corp.'s actual results and performance in futureperiods to be materially different from any future results orperformance suggested by the forward-looking statements in this pressrelease. Although India Hospitality Corp. believes the expectationsreflected in such forward-looking statements are based upon reasonableassumptions, it can give no assurance that actual results will notdiffer materially from these expectations. These risks, uncertaintiesand other factors are discussed in India Hospitality Corp.'s finalprospectus, copies of which are available from the company uponrequest. Readers are cautioned not to place undue reliance onforward-looking statements, which speak only as of the date of thispress release. India Hospitality Corp. does not undertake, andspecifically disclaims any obligation, to publicly release the resultof any revisions that may be made to any forward-looking statements toreflect the occurrence of anticipated or unanticipated events orcircumstances after the date of such statements. £ A copy of the full text of this announcement can be obtained fromBuchanan Communications £ e/mail: [email protected] £ e/mail: [email protected] £ CONSOLIDATED INCOME STATEMENT £ For the period 12 May 2006 to 31 December 2006 \* T For the period from 12 May 2006 to 31 December 2006 $ --------------------Administrative expenses (844,525) -------------------- Operating loss (844,525)Finance revenue 2,110,915 -------------------- Profit before tax 1,266,390Income tax - -------------------- Profit for the period attributable to equityholders of the parent 1,266,390 ==================== $ per shareEarnings per share for continuing operationsBasic, for profit for the year attributable toordinary equity holders of the parent 0.08 ====================\* T £ CONSOLIDATED BALANCE SHEET £ As at 31 December 2006 \* T 31 December 2006 $ASSETSCurrent assetsCash 99,592,211Other receivables 430,447Prepaid expenses 127,298 --------------------Total assets 100,149,956 ==================== EQUITY & LIABILITIESEquity attributable to equity holders of theparentCalled up share capital 21,334Share premium account 98,523,828Retained profit 1,266,390 --------------------Total equity 99,811,552 -------------------- Current liabilitiesFinancial liabilities - loans due to relatedparties 6,000Accrued expenses 332,404 --------------------Total liabilities 338,404 --------------------Total equity and liabilities 100,149,956 ====================\* T Copyright Business Wire 2007Related Shares:
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