TORONTO, Aug. 07, 2020 (GLOBE NEWSWIRE) — Pinetree Capital Ltd. (TSX:PNP) (“Pinetree” or the “Company”) today announced its financial results for the three months ended June 30, 2020.  All financial information provided in this press release is unaudited and all figures are in $’000 except per share amounts and shares outstanding.
Unaudited financial results for the period ended June 30, 2020The following information should be read in conjunction with our annual audited Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our annual Management Discussion and Analysis for the year ended December 31, 2019, which can be found on SEDAR at www.sedar.com.Selected Financial Information 
¹ Refer to “Use of Non-IFRS Financial Measures”
Shares Outstanding and Book Value amounts are as at the Quarter End date
Operating Expenses amounts are for the Three months ending the Quarter End date
² Operating Expenses do not include Foreign Exchange gain (loss) on financial assets other than investmentsAs at June 30, 2020, Pinetree’s BVPS was $1.70 as compared to $1.98 as at December 31, 2019, representing a decrease of $0.28 or 14%. The decrease was primarily due to the decline in stock prices of investments held in Pinetree’s portfolio as well as realized losses on investments liquidated during the period.As at June 30, 2020, the Company held investments at fair value totaling $9,838, which represented 64% of book value. This compares to investments at fair value of $10,105 representing 56% of book value as at December 31, 2019.For the twelve months ended June 30, 2020, OpEx was $473 which corresponds to 3.1% of book value as at June 30, 2020. This compares to OpEx of $511 for the twelve months ended June 30, 2019 which corresponds to 2.9% of book value as at June 30, 2019. Since expenses fluctuate from quarter to quarter, management monitors costs on a trailing twelve month basis.The net investment losses for the three months ended June 30,2020 were $72 (three months ended March 31, 2019 – gain of $308) as a result of net realized losses on investments and net change in unrealized gains.For the three months ended June 30, 2020, other income totalled $71 as compared to other income of $88 for the three months ended June 30, 2019. Other income is comprised of interest and dividend income.Management Title ChangeIn order to simplify the organization and streamline operations, Pinetree’s board of directors has appointed Damien Leonard as President of Pinetree Capital and its various fully-owned subsidiaries. Mr. Leonard will retain the responsibilities pertaining to the CEO role.Forward Looking StatementsCertain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Pinetree or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved.  A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements.  These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Pinetree assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.Non-IFRS Measures, Non-GAAP MeasuresBVPS (book value per share) is a non-IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term BVPS does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. These amounts are not performance measures as defined under IFRS and should not be considered either in isolation of, or as a substitute for, net earnings prepared in accordance with IFRS.About Pinetree Capital Ltd.Pinetree is a value-oriented investment and merchant banking company focused on the technology sector.  Pinetree’s common shares are listed on the TSX under the symbol “PNP”.For further information:
John Bouffard
Chief Financial Officer
416-941-9600 x 200 www.pinetreecapital.com

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