| Trading Symbol: DVX (CDNX) | January 26, 2004 |
Releases this year: December 24, 2004 December 24, 2004 December 23, 2004 December 23, 2004 December 23, 2004 December 13, 2004 December 13, 2004 December 04, 2004 November 24, 2004 November 24, 2004 November 19, 2004 November 02, 2004 September 14, 2004 September 03, 2004 September 02, 2004 August 17, 2004 August 17, 2004 July 29, 2004 July 26, 2004 June 29, 2004 June 08, 2004 May 20, 2004 May 14, 2004 May 05, 2004 May 03, 2004 April 28, 2004 April 26, 2004 April 05, 2004 March 02, 2004 March 02, 2004 March 01, 2004 March 01, 2004 February 26, 2004 February 12, 2004 February 03, 2004 January 26, 2004 January 26, 2004 |
| FOR IMMEDIATE RELEASE | ||
| Devon Increases Net Asset Value Per Share by 32% during 2003 | ||
| VANCOUVER, BC January 26, 2004 — Devon Ventures Corporation (TSX- VE: DVX) Devon Ventures Corporation, announces preliminary results for the fourth quarter and year ended December 31, 2003 and the value and status of its investment portfolio. Devon is a merchant bank focused exclusively on early stage technology companies in British Columbia and Alberta. Devon is also the manager of Pender Growth Fund (VCC) Inc. and Bio FutureFund (VCC) Corp. through its subsidiary PenderFund Capital Management Ltd. Devon's assets at the end of the fourth quarter were valued at approximately $4.9 Million consisting of cash and cash equivalents of $700,000 and various securities with a quoted value of approximately $4.2 Million. The cash value per share as at December 31, 2003 was $0.04 per share and the net asset value per share was $0.30 per share. This represents a 32% increase in net asset value per share over the year 2003. Revenue for the fourth quarter was approximately $220,000, expenses were approximately $160,000 and net income was approximately $60,000 or $.004 per share. Revenue includes gains on the sale of securities disposed of less losses, together with fees received from consulting and fund management activities. Expenses include operating expenses for Devon and for Pender Growth Fund (VCC) Inc. and Bio FutureFund (VCC) Corp. Revenue for the full 2003 year was approximately $370,000. Expenses were approximately $635,000 and the net loss was approximately $265,000 or $.016 per share. During the fourth quarter, the company benefited from a significant increase in the value of several of its investments, most notably, Carmanah Technologies Corp (CMH:TSX-V), Computer Modelling Group (CMG:TSX) and Voice Mobility Inc (VMY:TSX). The Company was also able to dispose of all of its remaining interest in Duran Ventures Corp (DRV.H:TSX-V) at a significant profit. The Company does not have any material payables or contingent liabilities. Management believes that its merchant banking activities are adequately funded with its existing resources. Trading in some of the securities is limited and Devon may not be able to realize the full quoted market value of such securities. More detailed financials results will be announced once the audited statements are available in a few months.Devon Ventures Corporation is a merchant bank focused exclusively on early stage high technology companies located in British Columbia and Alberta. On behalf of the Board of Directors of DEVON VENTURES CORPORATION"J. Kelly Edmison" J. Kelly Edmison, President & CEODevon Ventures Corporation is a merchant bank focused exclusively on early stage high technology companies located in British Columbia and Alberta.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release. |
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| The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release. | ||
