For Immediate Release
Borealis Exploration Limited
Borealis Exploration Limited ((BOREF:www.pinksheets.com) announces unaudited 9 month earnings for the 2001 fiscal period ended 31 December 2000. Borealis Exploration Limited is the parent company for the Borealis family of companies including Chorus Motors plc, Power Chips plc, Cool Chips plc, and Roche Bay plc.
The net loss for the period was 2 cents USD per share under UK GAAP. Net worth under UK GAAP increased by $9,376,911 over the last twelve months, marking a second successive year of increase in the net worth of the company.
Under US GAAP net loss for the period was 35 cents USD per share. Net worth under US GAAP increased by $5,136,588 over the last twelve months.
Current liabilities decreased to $390,652, from $2,180,224 a year ago.
The above net worth figures include an extensive share portfolio valued at zero, and other assets, including an extensive intellectual property portfolio of patents, carried at low nominal values.
As the value of this substantial IP portfolio is recognized, investors may realistically look forward to substantial increased earnings in future years. Earnings projections for the fiscal year ending 31 March 2001 indicate a significantly reduced loss figure from fiscal 2000 figures under US GAAP. The final figures under both US GAAP and UK GAAP await final audit.
Unaudited 9 month books for Borealis Exploration Limited are available on our web site at www.borealis.com, with links to sites for family companies where their financial reports can be found. Figures are given in UK GAAP and in US GAAP.
The current financial performance reflects the strong support received from shareholders and members of the Borealis family. Management is indebted to them all for supporting the company's wide-ranging activities.
Borealis Exploration Limited has 5,000,000 shares outstanding. No new shares have been issued since 1998. The Borealis family of companies expects in future periods to be a net purchaser of Borealis Exploration Limited shares.
Forward Looking Statement at http://www.borealis.com/ForwardLookingStatement.htm
Last Updated on March 1, 2001.
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Forward-Looking Statement may be found at http://www.borealis.gi/fwdlook.shtml