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Penfold Capital Acquisition IV Corporation Releases Second Quarter Fiscal 2014 Financial Results

May 27, 2014

Newsfile Corp.



Toronto, Ontario--(Newsfile Corp. - May 27, 2014) - Penfold Capital Acquisition IV Corporation (TSXV: SEL) (the "Company ") , has released its unaudited financial statements for the three and six months ended March 31, 2014 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

For the quarter ended March 31, 2014 the Company had its second straight quarter of record revenues generating $803,118, a 14% increase over the $703,319 in the same period last year. Revenues for the six months ended March 31, 2014 were $1,731,919 compared to $1,460,354 in the same period last year, an increase of 19%. The Company earned $100,490 or $0.00 per share compared with $8,366 or $0.00 per share in the same quarter last year. For the six months ended March 31, 2014 the Company earned $137,605 or $0.00 per share, compared to $42,689 or $0.00 in the comparable prior period.

"We continue to be pleased with our record operating results," said Vito Buffone, President and Chief Executive Officer. "With the acquisition of SRT now completed we believe that going forward there will be even more opportunities for us to continue to grow our company."

Copies of the unaudited financial statements and related MD&A can be found on SEDAR at www.sedar.com.

About Penfold Capital Acquisition IV Corporation

The Company, through its wholly owned subsidiaries SLM and SRT, is dedicated to managing consumer and retail store returns and defective and problematic electronics through product end-of-life management. The Company provides manages returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Company is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. An independent Waste Audit Report shows that the Company is able to achieve a waste diversion rate of 98.6% . This means that companies using the Company's processes are able to divert 98.6% of their product from landfill sites. The Company is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Company currently operates only in Ontario.

For further information please contact:

Vito Buffone

Chief Executive Officer

Email: vito.buffone@slm-logistics.com

Paul Haber

Interim Chief Financial Officer

Email: phaber@blackbirchcap.com

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

Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the industry; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.




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Source: Newsfile Press Release Wire


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