N@N

TriNorth Capital Inc. Announces Results for the Three Months Ended March 31, 2009

^{Published on 2009-05-14 10:50:51, Last Modified on 2009-05-14 10:51:47 - Market Wire}
 

 TORONTO, May 14 /CNW/ - TriNorth Capital Inc. ("TriNorth") (TSX: TRT) today released its unaudited financial results for the three months ended March 31, 2009. During the first quarter of 2009, TriNorth posted a net loss of $418,175 compared to a net of loss of $1.1 million in the first quarter of 2008. The loss per common share for the quarter was $0.003. TriNorth had cash and cash equivalents of $2.36 million at the end of the first quarter. For the three months ended March 31, 2009, TriNorth did not make any new investments and disposed of its investment in Chevalier Resources at a loss of $220,000. TriNorth's share of loss from its investment in Russo-Forest Corporation was $273,035. During the quarter the fair value of TriNorth's marketable securities increased by $803,428 and TriNorth continued to incur project development expenses related to the establishment of an African based agriculture business. Total assets at March 31, 2009 stood at $11.8 million. About TriNorth TriNorth is a Canadian-based investment company that invests in a diversified portfolio of companies to generate long-term capital growth for shareholders. TriNorth takes an active interest in its investee companies from the earliest stages, providing strategic and financial counsel, support and direction to assist in their growth and success. TriNorth's investment strategy includes structuring and initiating deals focused on particular resources, themes or regions as well as launching the development of businesses in select industries by providing assistance with the hiring of management teams, providing seed capital and facilitating IPOs. All investment activities of TriNorth are managed by Lawrence Asset Management Inc, a leading Canadian alternative investment asset manager. Cautionary Notes Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the stated use of proceeds; plan of operations and comparative advantages; and benefits of this investment. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, regulatory risks, risks inherent in foreign operations, commodity prices, competition, and investments having no history of operations. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise. %SEDAR: 00003606E 

For further information: (416) 362-6283, Catherine Stretch, Lawrence Asset Management Inc., Toronto, Canada, [ info@lawrenceasset.com ], [ www.trinorthcapital.com ]