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Medwell Capital Announces Second Quarter 2010 Results

^{Published on 2010-08-12 14:10:56 - Market Wire}
 

 - Medwell Capital Corp. announced its new name and its strategy to become a leading service provider to the healthcare industry. Medwell Capital will directly invest in and advise companies on strategy, financing, mergers & acquisitions (M&A), licensing transactions and undertake technology development. Medwell Capital trades on the Toronto Stock Exchange under the symbol "MWC". - Appointed Mr. Nitin Kaushal, a leading healthcare investment banker, to implement the Company's new strategy. Mr. Kaushal brings more than 25 years of financial and investment experience to Medwell Capital and will serve as its Executive Vice President and Managing Director. 

 About Medwell Capital Corp. --------------------------- 

 Medwell Capital Corp. (formerly BioMS Medical Corp.) Interim Consolidated Balance Sheet (Unaudited) ------------------------------------------------------------------------- June 30, December 31, 2010 2009 $ $ (Unaudited) Assets Current assets Cash and cash equivalents 29,054 48,774 Short-term investments 2,668 2,662 Accounts receivable 190 - Goods and services tax recoverable 48 37 Other prepaid expenses 300 79 Investments 14,084 - Assets of discontinued operation 400 771 ------------- ------------ 46,744 52,323 Property and equipment 281 350 ------------- ------------ 47,025 52,673 ------------- ------------ ------------- ------------ Liabilities Current liabilities Accounts payable and accrued liabilities 159 358 Liabilities of discontinued operation 226 4,464 ------------- ------------ 385 4,822 ------------- ------------ Share capital 175,714 175,714 Contributed surplus 12,319 10,937 Accumulated deficit (141,393) (138,800) ------------- ------------ 46,640 47,851 ------------- ------------ 47,025 52,673 ------------- ------------ ------------- ------------ Medwell Capital Corp. (formerly BioMS Medical Corp.) Interim Consolidated Statement of Operations and Comprehensive Income (Loss) (Unaudited) ------------------------------------------------------------------------- Six-month period Three-month period ended June 30, ended June 30, 2010 2009 2010 2009 $ $ $ $ --------------------- --------------------- Revenue Unrealized gain (loss) on investments 1,580 - (6,980) - Contract services 500 - 250 - Interest 85 266 53 96 --------------------- --------------------- 2,165 266 (6,677) 96 --------------------- --------------------- Expenses Operating, general and administrative 3,782 4,313 2,081 2,239 Stock-based compensation 1,382 1,845 950 - Amortization of property and equipment 75 85 37 42 Foreign exchange (gain) loss (73) 267 (238) 281 --------------------- --------------------- 5,166 6,510 2,834 2,562 --------------------- --------------------- Net (loss) from continuing operations (3,001) (6,244) (9,507) (2,466) Net income from discontinued operation 408 6,349 631 3,970 Net (loss) income and comprehensive (loss) income (2,593) 105 (8,876) 1,504 --------------------- --------------------- --------------------- --------------------- Basic and diluted net loss per common share - continuing operations (0.03) (0.07) (0.10) (0.03) Basic and diluted net income per common share - discontinued operation 0.01 0.07 0.01 0.04 Basic and diluted net (loss) income per common share (0.03) 0.01 (0.10) 0.02 Basic weighted average number of common shares outstanding 91,009 91,009 91,009 91,009 Diluted weighted average number of common shares outstanding 91,009 91,563 91,009 91,356 Medwell Capital Corp. (formerly BioMS Medical Corp.) Interim Consolidated Statement of Cash Flows (Unaudited) ------------------------------------------------------------------------- Six-month period Three-month period ended June 30, ended June 30, 2010 2009 2010 2009 $ $ $ $ --------------------- --------------------- Cash provided by (used in) Operating activities Net income (loss) (2,593) 105 (8,876) 1,504 Items not involving cash Unrealized (gain) loss on investments (1,580) - 6,980 - Stock-based compensation 1,382 1,845 950 - Amortization of property and equipment 75 85 37 42 --------------------- --------------------- (2,716) 2,035 (909) 1,546 Net change in non-cash working capital items (871) (1,713) (433) (1,495) --------------------- --------------------- (3,587) 322 (1,342) 51 --------------------- --------------------- Investing activities Purchase of investments (12,504) - (504) - Net purchase of short-term investments (6) (38) (3) (19) Purchase of property and equipment (6) (7) (4) (6) --------------------- --------------------- (12,516) (45) (511) (25) --------------------- --------------------- Foreign exchange gain on cash and cash equivalents held in foreign currency 250 1,550 70 1,381 --------------------- --------------------- Cash (used in) provided by continuing operations (15,853) 1,827 (1,783) 1,407 Cash used in discontinued operation (3,867) (24,789) (1,173) (12,272) --------------------- --------------------- Decrease in cash and cash equivalents (19,720) (22,962) (2,956) (10,865) --------------------- --------------------- Cash and cash equivalents - Beginning of period 48,774 87,826 32,010 75,729 --------------------- --------------------- Cash and cash equivalents - End of period 29,118 64,864 29,054 64,864 --------------------- --------------------- --------------------- --------------------- Cash and cash equivalents consists of Bank accounts 1,256 1,282 1,256 1,282 Interest bearing deposits and securities 27,798 63,582 27,798 63,582 --------------------- --------------------- 29,054 64,864 29,054 64,864 --------------------- --------------------- --------------------- ---------------------