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GT Canada Medical Properties Inc. (TSX-V: MOB) announces first quarter 2010 financial results

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^{Published in Business and Finance on Friday, May 21st 2010 at 4:40 GMT by Market Wire}  

 Highlights - On March 12, 2010, the Company completed its previously announced acquisition (the "Acquisition") of a medical office building known as "Queenston Medical-Dental Centre", a 15,584 square foot facility located on approximately 1.05 acres of land in Hamilton, Ontario from 941703 Ontario Limited. The acquisition and the previously announced private placement collectively constitutes the Company's Qualifying Transaction' under TSX Venture Exchange Policy 2.4 - Capital Pool Companies. - Pursuant to the Acquisition, the Company acquired the Property for an aggregate purchase price of $3,569,000, excluding acquisition costs, (the "Purchase Price"), comprised of: (i) the assumption by the Company of approximately $2,100,000 in mortgage debt on the Property, (ii) 120,000 common shares of the Company (with a value of $30,000), and (iii) the balance in cash. The cash portion of the Purchase Price, being $1,439,000, was funded by the Company using a portion of the proceeds from the Private Placement. - In connection with the Acquisition, the Company completed a Private Placement of 10,877,837 subscription receipts (which were automatically converted into common shares on a one-for- one basis upon completion of the Acquisition) at a price of $0.25 per common share for gross proceeds of $2,719,459.25. The common shares issued pursuant to the Private Placement will be subject to a hold period that expires June 5, 2010. - On March 25, 2010, the TSX Venture Exchange (the "Exchange") issued a bulletin announcing final acceptance of the Company's qualifying transaction. Trading in the common shares of the Company on the Exchange commenced on Monday, March 29, 2010, under the symbol "MOB". Financial Highlights - For the three month period ended March 31, 2010, the Company had property rental revenues of $30,548. This represented rental revenue between March 12 to March 31, 2010. There were no such comparable revenues in Q1 of 2009. - For the three month period ended March 31, 2010, the Company had a net loss of $305,570 or $0.0416 per share basic. For the same period of 2009, the Company had a net loss of $58,472, or $0.0234 per share basic. The net loss was largely a result of a charge of $167,320 for stock based compensation on stock options issued to directors and officers and general and administrative and travel costs of $136,305. Outlook With its qualifying transaction complete, the Company intends to focus on achieving its goal of becoming a significant owner of medical office properties throughout Canada through acquisition, aimed at creating a geographically diversified portfolio of high quality income producing properties. 2010 Q1 Financial Results For the complete first quarter 2010 Management's Discussion and Analysis and Financial Statements, please visit [ www.sedar.com ] GT Canada Medical Properties Inc. As Canada's first publicly-traded company focused exclusively on medical office properties, the Company's goal will be to increase shareholder value by becoming the leading owner and developer of these assets in Canada through an aggressive acquisition and development program aimed at creating a geographically diversified portfolio of high quality properties that will generate stable and growing rental income and capital appreciation opportunities.