(February 25 – 09:30 ET) – YMG Capital Management Inc. is reporting improved results for the year ended December 31, with fully-diluted earnings per share more than doubling to 9¢ from 4¢ in 1998.
Pre-tax income was up about $1 million to $2.5 million in fiscal 1999, with a use of tax-loss carry forwards accounting for the balance of the reported gain. Most of the revenue gains came in the firm’s portfolio investments, with slight gains in the mutual fund and investment management businesses.
The firm has also announced the formation of YMG Ventures Corp., a wholly owned venture capital company that specializes in advanced technology investments. It hopes to provide investors with superior returns by investing in a diversified portfolio of high-tech companies at various stages of development. The firm has $5 million of seed capital and is looking to raise another $50 million.
YMG’s management team manages YMG Ventures’ business and portfolio, headed by Jerry Evans as president and chief operating officer. It has already invested in the online financial business through firms such as BayStreetDirect.com Inc. and Opus2Direct.com Inc. It also has investments in PixStream Inc., Prolessons.com Inc., Rebel.com Inc., and StreetViews Inc.
-IE Staff