MONTREAL, QUEBEC — (Marketwire) — 11/28/11 — Fronsac real estate investment trust (TSX VENTURE: GAZ.UN)(“Fronsac REIT”) today released its unaudited consolidated financial statements for the third quarter ended September 30, 2011.
On July 1st 2011, Fronsac Capital Inc. (“Fronsac”) was converted into a real estate investment trust by exchanging its common shares for trust units of Fronsac REIT. On that date, Fronsac REIT issued 13,790,000 units exchanged for 13,790,000 shares of Fronsac. Fronsac REIT has then inherited the real estate portfolio of Fronsac and continued its operations.
The net loss of the third quarter was $(80,710) or $(0.006) per unit (2010: $(47,509) or $(0.003)). The 2011 net loss includes an expense of $35,572 related to the conversion of Fronsac into a real estate investment trust and to acquisitions of properties.
Since January 1st 2011, as required by the Canadian Accounting Standards Board, Fronsac REIT presents its financial statements under the International Financial Reporting Standards (“IFRS”). The comparative quarter of 2010 of Fronsac has also been adjusted to IFRS.
SUMMARY OF INCOME STATEMENT INFORMATION
SUMMARY OF CASH FLOWS INFORMATION
SUMMARY OF BALANCE SHEET INFORMATION
The Trust-s September 30, 2011 financial statements may be viewed on SEDAR at
Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accept any responsibility for the adequacy or accuracy of this release.
Contacts:
Michel Lassonde
President
(450) 536-5328