Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2019 and Three Months Ended March 31, 2020

TORONTO, April 28, 2020 (GLOBE NEWSWIRE) -- Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the year ended December 31, 2019 and the three months ended March 31, 2020.

Michael Gardiner, Chairman, stated that the Sonor community was deeply saddened by the death of Covell Brown on February 12, 2020. Covell joined the Sonor board on April 16, 1996 and served with distinction for 24 years. Covell was a great teacher, a man of integrity and wisdom and helped guide us all over these years. We miss him greatly.

David Middleton, who previously was CFO of Sonor and retired a year ago from that position has joined the board and been appointed to the audit committee. We are fortunate to have David agree to join us since he is both a mature and skilled executive, and understands the operation of Sonor.

Tom MacMillan has agreed to become chair of our audit committee to replace Covell. He has served on our board and audit committee since 2000 and has chaired the audit committees for other companies.

Mr. Gardiner also commented on the Company’s recent financial results.

Michael Gardiner, Chairman and CEO stated that as at March 31, 2020, the Company’s assets totaled $67.8 million compared to $70.0 million as at December 31, 2019. These assets as at March 31, 2020 included $8.8 million of marketable securities, $35.6 million in a private investment and $23.4 million of cash and cash equivalents.

During the year ended December 31, 2019, the Company realized $243,000 in net capital gains on the sale of investments and recorded no impairments on its security investments. This compares to net capital gains of $872,000 on the sale of investments during the year ended December 31, 2018. During the three months ended March 31, 2020, the Company realized $NIL in capital gains on the sale of investments and recorded a decrease in unrealized gains of $2,314,000.

During the period under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.

The Company announces that a semi-annual eligible dividend of $0.225 per share on the Company’s 9% First Preference Shares has been declared payable on September 15, 2020 at a meeting of its Board of Directors. The dividend will be paid to shareholders of record at the close of business on September 1, 2019. As well, the Company announces that an eligible dividend of $2,997,385 has been declared payable April 30, 2020 to common shareholders.

Sonor Investments Limited is an investment company located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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