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2007

Pinetree Capital Ltd. Announces Results For The Three Months Ended March 31, 2007


May 15, 2007

  • Net Realized Gains on disposal of investments increased to $96.8 million for the quarter, or a 386.5% increase, as compared to $19.9 million in Q1 of last year;
  • Fair Value of Investments increased by 26.5% in the quarter to $698.7 million from $552.4 million as at December 31, 2006, the eighth consecutive quarter of growth;

TORONTO, Ontario (May 15, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, today announced its unaudited results for the three months ended March 31, 2007.

During the first quarter, Pinetree generated realized investment gains of $96.8 million as compared to $19.9 million in the same quarter last year, a 386.5% increase. Net investment gains in the quarter, which includes net unrealized losses of $9.4 million, totalled $87.4 million as compared to $98.5 million in the first quarter of fiscal 2006. The net unrealized losses during the first quarter were primarily from the realization of prior period unrealized gains of $83.3 million, offset by a $73.9 million write-up to market.

Fair Value of Investments during the first quarter rose to $698.7 million from $552.4 million as at December 31, 2006, a 26.5% increase, the eighth consecutive quarter of growth in the Fair Value of Investments. The number of investments increased from 298 at the end of the last quarter to 394 as at March 31, 2007. Of these 394 investments, 342, or 87%, were in the resource sector, reflecting Pinetree’s continued focus on the resource market.

The composition of Pinetree’s investment portfolio as at March 31, 2007 compared to the end of the last two quarters is outlined in the following table.          

 

March 31, 2007

December 31, 2006

September 30, 2006

Sector

Fair Value ($’000)

% of Total

Fair Value ($’000)

% of Total

Fair Value ($’000)

% of Total

Resources:

           

                Uranium

214,058

30.7

187,881

34.0

92,252

21.9

                Oil & Gas

102,611

14.7

77,848

14.1

80,322

19.2

                Molybdenum

19,794

2.8

--

--

--

--

                Precious Metals

222,217

31.8

179,076

32.4

154,537

36.7

                Base Metals

59,126

8.5

34,894

6.3

24,303

5.8

Total Resources

617,806

88.5

479,699

86.8

351,414

83.6

Biotechnology

19,795

2.8

10,958

2.0

5,956

1.4

Energy Related Technology

9,302

1.3

20,284

3.7

25,396

6.0

Technology/Other

51,797

7.4

41,436

7.5

37,897

9.0

Net income in the first quarter was $47.2 million ($0.55 per basic share) a decrease of 28.9% versus $66.4 million ($1.07 per basic share) earned in the first quarter of 2006.

“Our deep industry knowledge and relationships, coupled with our brand, allows us to continue to attract quality investment opportunities in our target sectors,” commented Sheldon Inwentash, Chairman and CEO of Pinetree Capital. “Our ability to gain access to and quickly analyze these early investment opportunities is what we call our proprietary deal flow and it is an important part of the value we bring to our shareholders. From April 1, 2006 to March 31, 2007, our share price increased by 158% as compared to the S&P TSX Composite Index which increased by only 8%.”

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the Province of Ontario and is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP” and is included in the Standard & Poor's/Toronto Stock Exchange composite index.  Pinetree is a diversified investment and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Uranium, Oil & Gas, Molybdenum, Precious Metals and Base Metals.  Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com  

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Investor Relations:
Larry Goldberg, C.A. 
Executive Vice President and Chief Financial Officer 
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9 
Phone: 416-941-9600
Email: ir@pinetreecapital.com  
Web Site: www.pinetreecapital.com
Media Relations:
Wanda Cutler
Director of Corporate Communications
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-860-1717
©Copyright 2012 Pinetree Capital Ltd.