DGAP-News: Gossan Gets Excellent Results from The Claims Network Inc.
(firmenpresse) - Gossan Resources Limited / Miscellaneous/Miscellaneous
12.08.2010 09:35
Dissemination of a Corporate News, transmitted by
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August 10, 2010 - Gossan Resources Limited (GSS-TSX.V&Frankfurt/Freiverkehr&Xetra - WKN 904435) is pleased to announce
excellent financial results from its equity investment in The Claims
Network Inc., a service provider to the property and casualty insurance
industry. As the largest shareholder, Gossan holds a 46.7% equity interest
in The Claims Network Inc.(TCN). TCN is a web-based enterprise engaged in
providing the insurance industry with contents loss valuations and on-site
claims reporting of losses. The company utilizes an extensive proprietary
database of product specifications and price information. Selected audited
financial information is provided below:
2007 2008 2009Douglas Reeson, President of Gossan commented, 'TCN's proprietary software
Total Revenue $ 900,565 1,259,121 1,967,897
Net Income after tax 83,152 157,611 298,271
Return on Sales 9.2% 12.5% 15.2%
Working Capital $ 259,569 426,479 721,584
and database along with strict cost controls have provided excellent profit
margins on rapidly growing incremental revenue. TCN is debt free and
beginning to generate significant profits and cash flow.'
TCN has representatives across Canada that can be dispatched to loss sites
to take immediate inventories of damaged contents. In terms of its
assessment services, the Company values insurance claims losses using its
highly trained staff and its extensive proprietary data library of product
specifications and price information. TCN has also initiated marketing to
nsurance companies in the USA.
Barry Bisset, President of The Claims Network stated, 'Our innovative
software has allowed insurance claims to be resolved and settled much
faster than traditional methods. For our insurance company clients, this
helps to control their costs and improves customer service to their policy
holders.'
In the year to date, the insurance industry has experienced a lower volume
of reported claims which has been reflected in TCN's current results. For
the six-months to June 30, 2010, TCN's total revenue was $875,280 as
compared to $940,640 in the comparative period in 2009.
Gossan originally invested $455,000 in The Claims Network in 2002. Gossan
currently accounts for its investment in TCN using the equity method,
resulting in a carrying value of $363,862 at March 31, 2010, as previously
reported in Gossan's audited annual financial statements.
The Claims Network Inc. is a Winnipeg-based service provider to the
property and casualty insurance industry. With representatives across
Canada and an extensive proprietary database of product specifications and
price information, TCN provides the insurance industry with contents loss
valuations and on-site claims reporting of losses.
Gossan Resources Limited is engaged in mineral exploration and development
in Manitoba and northwestern Ontario. It has a well-diversified portfolio
of properties hosting gold, platinum group and base metals, as well as the
specialty and minor metals, tantalum, lithium, chromium, titanium and
vanadium. The Company also has a large deposit of magnesium-rich dolomite,
the world-wide rights to the Zuliani magnesium production process, and a
silica sand deposit. Gossan trades on the TSX Venture and the
Frankfurt/Freiverkehr&Xetra Exchanges and has 29,117,900 common shares
outstanding.
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 news release.
For further information, please bookmark www.gossan.ca or contact:
Douglas Reeson, Chairman&CEO
Gossan Resources Limited
Tel: (416) 533-9664
E-Mail: info(at)gossan.ca
12.08.2010 09:35 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 12.08.2010 - 09:35 Uhr
Sprache: Deutsch
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