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CAPVEST Income Corp. (TSX-V: CSV) releases 2008 semi-annual financial results
2008-08-19

TORONTO: CAPVEST Income Corp. (the “Company”) is pleased to announce its 2008 semi-annual financial results for the six-month period ended June 30, 2008.

Highlights: 

  • For the interim period, the Company generated strong double-digit performance of 48.2%, based on net asset value (“NAV”), and 51.6%, based on market value.
  • The Company’s NAV per common share, in accordance with Canadian GAAP, increased to $2.47 as of June 30, 2008, from $1.65 as of December 31, 2007.
  • The Company’s net assets increased to $15,807,742 as of June 30, 2008 ($10,566,833 as of December 31, 2007), largely due to unrealized appreciation of the underlying portfolio investments.
  • For the interim period, the Company recorded a gain on investments and other net assets of $ 6,262,785 (2007 – of $634,442). Contributing to the increase was an increase in unrealized appreciation of the forward agreement of $5,754,378 (2007 – a loss of $360,435), and a net realized gain on sale of investments of $836,961 (2007 – a net realized loss of $133,106).
  • For the interim period, the Company had a net investment loss of $1,007,927 (2007 – a loss of $991,917) consisting of investment income of $601,947 (2007 – $653,166) and expenses of $1,609,874 (2007 – $1,645,083).

2008 semi-annual results:  For the complete 2008 Semi-Annual Management Report of Fund Performance and Semi-Annual Financial Statements, please visit www.sentryselect.com or www.SEDAR.com.

CAPVEST Income Corp.: The investment objective of CAPVEST Income Corp. is to generate income and capital appreciation by investing, directly or indirectly, in a diversified group of infrastructure and energy companies. Its common shares and 7% convertible debentures trade under the symbols CSV and CVS.DB, respectively.

Sentry Select Capital Corp.Sentry Select Capital Corp. is a Canadian wealth management company that manages over $6 billion in assets as of June 30, 2008. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.

More information:  Investor Services (broker/investor inquiries), Kinga Lam (media inquiries) or Richard D’Archivio (Chief Financial Officer) Tel:  1-888-246-6656   Fax: 416-364-1197   info@sentryselect.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information. Such forward-looking information is qualified entirely by the inherent risks and uncertainties surrounding future expectations. The forward-looking information in this news release is based on a number of assumptions which the Company believes are reasonable, but may prove to be incorrect. Therefore, actual results may vary from the Company’s expectations. Important factors that could cause actual results to differ materially from such expectations include, among other things, general economic and market factors. These cautionary statements qualify all forward-looking information contained in this news release and attributable to the Company and persons acting on its behalf. Unless otherwise stated, all forward-looking information speaks only as of the date of this news release and the Company has no obligation to update such statements except as required by law.


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