Northern Financial Reports Results for Year Ended March 31, 2012, Announces Management Change

    




 TORONTO, July 19, 2012 /CNW/ - Northern Financial Corporation  ("Northern Financial" or the "Company") today reported its  financial results for the fiscal year ended March 31, 2012, and the  financial results of its wholly owned subsidiary, Northern Securities  Inc. ("Northern Securities"). 

 Financial results for year ended March 31, 2012 for Northern Securities 

 Northern Securities reported net income of $941,183 compared to net  income of $830,656 in the prior year.  Northern Securities continued to  take steps in fiscal 2012, which continued in fiscal 2013, to reduce  its fixed cost base by reducing the number of its employees, reducing  salaries, renegotiating agreements, and implementing other cost saving  measures. 

 Financial results for year ended March 31, 2012 for Northern Financial 

 For the year ended March 31, 2012, Northern Financial reported a loss of  $4,209,895 for fiscal 2012 compared to a loss of $1,322,019 in the  prior year. Please refer to the Company's audited annual financial  statements and annual MD&A for the year ended March 31, 2012, which are  available on www.SEDAR.com. 

 Management change 

 Northern today also announced the resignation of Kyler Wells, Senior  Vice President and General Counsel of Northern. Mr. Wells will be  joining the Toronto office of Heenan Blaikie. 

 Vic Alboini, Chairman and Chief Executive Officer of Northern stated "On  behalf of the Board, I want to thank Kyler for his very valuable  service to the Company over the past four and a half years and to wish  him every success." 

 About Northern Financial Corporation 

 Northern Financial Corporation wholly owns Northern Securities Inc., a  full service investment dealer that provides financial advisory  services to retail and institutional clients and investment banking  services to small capitalization companies. 

 The TSX Venture Exchange does not accept responsibility for the adequacy  or accuracy of this news release. This press release may contain  forward-looking statements with respect to the Company, its operations,  strategy, financial performance and condition. These statements  generally can be identified by use of forward looking words such as  "may", "will", "expect", "estimate", "anticipate", intends", "believe"  or "continue" or the negative thereof or similar variations. The actual  results and performance of the Company discussed herein could differ  materially from those expressed or implied by such statements. Such  statements are qualified in their entirety by the inherent risks and  uncertainties surrounding future expectations. Important factors that  could cause actual results to differ materially from expectations  include, among other things, general economic and market factors,  competition, changes in government regulations and the factors  described under "Risk Factors" in the Management's Discussion and  Analysis and Filing Statement of the Company which are available at  www.sedar.com. The cautionary statements qualify all forward-looking  statements attributable to the Company and persons acting on their  behalf. Unless otherwise stated, all forward-looking statements speak  only as of the date of this press release and the Company has no  obligation to update such statements. 

Northern Financial Corporation


CONTACT:  Vic AlboiniChairman and CEO(416) 644-8110 


    

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