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Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three Months Ended March 31, 2008


May 14, 2008

TORONTO, Ontario (May 14, 2008) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three months ended March 31, 2008.

During the first quarter, Pinetree generated a net loss of $56.4 million, as compared to net income of $47.2 million in the same quarter last year.  The net loss was primarily due to net investment losses of $82.1 million in the quarter, comprised of realized losses on dispositions of investments of $8.0 million, $72.2 million in unrealized losses on investments and $1.9 million in loss from an equity accounted investment.  Loss per common share was $0.50 as compared to earnings per share of $0.55 in the three months ended March 31, 2007.

The composition of Pinetree’s investment portfolio by sector as at March 31, 2008, including both investments accounted for at fair value and using the equity accounting method, as compared to the end of the prior quarter is outlined in the following table: 

 

March 31, 2008

December 31, 2007

Sector

($’000)

% of Total

($’000)

% of Total

Resources:

 

 

 

 

        Precious Metals

190,416

34.8

240,479

39.3

        Base Metals

126,450

23.1

72,874

11.9

        Uranium

81,174

14.8

118,384

19.4

        Oil & Gas

38,187

7.0

45,543

7.4

        Molybdenum

32,439

5.9

50,506

8.3

        Potash and Rare Earths

18,132

3.3

17,052

2.8

Total Resources

486,798

88.9

544,838

89.1

Technology/Other

36,584

6.6

43,360

7.0

Biotechnology

12,388

2.3

11,400

1.9

Energy Related Technology

12,159

2.2

11,996

2.0

Total investments at March 31, 2008, including investments accounted for at fair value and using the equity accounting method, stood at $547.9 million as compared to $611.6 million as at December 31, 2007.  The number of investments decreased to 467 from 487 at the end of the last year.  Of the 467 investments, 408 or 87.6% (December 31, 2007 – 88.7%), were in the resource sector, reflecting Pinetree’s continued focus on resources.

Net asset value per share decreased to $3.72 as at March 31, 2008 from $4.20 as at December 31, 2007.  

“The economic uncertainty and market instability which has existed over the last few quarters and which continues, has kept downward pressure on many of the sectors on which we are focused,” commented Sheldon Inwentash, Chairman and CEO of Pinetree. “However, we invest with a medium to long term horizon and believe that the fundamentals affecting the resource sectors in which we invest continue to be strong.  The market downturn has also presented us with investment opportunities at much reduced valuations.”

About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”.  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, Potash and Rare Earths, and Base Metals.  Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities.

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

Use of Non-GAAP Measures
“Net asset value per share” is a non-GAAP measure defined as shareholders’ equity divided by the total number of common shares of Pinetree outstanding.The term net asset value per share does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies.We believe that the measure provides information useful to our shareholders in understanding our performance, facilitates the comparison of the quarterly and year-end results of our ongoing operations and provides a meaningful measure to evaluate our business relative to that of our peers.

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

©Copyright 2012 Pinetree Capital Ltd.