TSX: PNP     Last: 4.95     Change: 0.06
TSX: PNP     Last: 4.95     Change: 0.06

Pinetree Capital Ltd. Announces Financial Results For The Year Ended December 31, 2014 And December 2014 NAV

March 30, 2015

TORONTO, Ontario (March 30, 2015) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its audited consolidated financial results for the year ended December 31, 2014.

Pinetree had a net loss of $71 million for the year, as compared to $123 million for 2013.   The 2014 net loss was primarily the result of net investment losses of $34 million, comprised of $411 million in realized losses on disposal of investments offset by $377 million in a net change in unrealized gains on investments.  Loss per share for 2014 was $0.39, as compared to $0.85 for 2013.

As at December 31, 2014, the fair value of the Company’s total investments was $107 million, as compared to $134 million as at December 31, 2013.

Net asset value per share (“NAV”) was $0.25 as at December 31, 2014, a 61% decrease from the December 31, 2013 NAV of $0.65.  (See “Use of Non-GAAP Measures” below.)

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, with early-stage investments in resource, biotechnology and technology companies. 

Use of Non-GAAP Measures
NAV (net asset value per share) is a non-GAAP (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 NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies.  There is no comparable GAAP measure presented in Pinetree’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure.  The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.

  Investor Relations:
Gerry Feldman, CPA, CA. Richard Patricio, LL.B.
CFO & Vice President, Corporate Development Chief Executive Officer
Pinetree Capital Ltd. Pinetree Capital Ltd.
Phone: 416-643-3884 130 King Street West, Suite 2500
Email: feldman@pinetreecapital.com Toronto, Ontario, Canada, M5X 2A2
  Phone: 416-941-9600
  Email: ir@pinetreecapital.com
  Website: www.pinetreecapital.com

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