Santa Rosa Resources Corp (formerly Monexa Technologies Corp) Reports Q2 2012 Operating Results

    




 VANCOUVER, Aug. 28, 2012 /CNW/ - Santa Rosa Resources Corp. (the  "Company") (TSX-Venture: STR.H) today announced its Q2 quarterly  results for the period ended June 30, 2012. The financial statements  were prepared in accordance with International Financial Reporting  Standards. 

 As previously reported, the Company sold its operation subsidiary Monexa  Services Inc on March 31, 2012.  IFRS 5 accounting procedures for  Non-Current Assets held for Sale and Discontinued Operations requires  the subsidiary operating revenue and expenses that were sold to be  netted (Revenue less Direct costs less Operating expenses) and this net  operating loss for the quarter to be reflected in a single line item  "Discontinued Operations" within the Consolidated Statements of Loss  and Comprehensive Loss. Accordingly the revenue generated, direct costs incurred and operating  costs incurred by the operating subsidiary are not reflected in the  normal manner within the financial statements.   The operating costs as  reported are those of Santa Rosa Resources Corp. 

 For the three months ended June 30, 2012 the net loss before  extraordinary items and discontinued operations was $35,475 compared  with a loss of $142,442 for the same period in 2011.  The net loss and  comprehensive loss was $35,475 compared to a net loss and comprehensive  loss for the comparable prior year period of $348,219.  For further  details of the transaction please refer to Notes 2 and 4 of the  Financial Statements for the period ended June 30, 2012. 

 For the six months ended June 30, 2012 the net loss before extraordinary  items and discontinued operations was $136,311 compared with a loss of  $249,178 for the same period in 2011.  The net loss and comprehensive  loss was $453,547 compared to a net loss and comprehensive loss for the  comparable prior year period of $635,121.  For further details of the  transaction please refer to Notes 2 and 4 of the Financial Statements  for the period ended June 30, 2012 

 David Roberts, President and CEO said, "Following the sale of the  operating company Santa Rosa Resources Corp is exploring business  opportunities and strategic alternatives.   Due to the softening of the  junior mining sector, the market for shell companies is not as active  as it has been in past years.   We believe that this market will  strengthen in due course and are taking steps to conserve cash". 

 Garth Albright, CFO said "The Company has cut its operating costs and is  looking to further reduce expenditures". 

 Forward-Looking Statements 

 This news release contains forward-looking statements. Actual events or  results may differ materially from those described in the  forward-looking statements due to a number of risks and uncertainties,  including changes in financial and product market conditions. Forward-looking  statements are based on management's estimates, beliefs, and opinions.  The Company assumes no obligation to update forward-looking statements,  other than as may be required by applicable law. 

 Neither TSX Venture Exchange nor its Regulation Services Provider (as  that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this release.   

Santa Rosa Resources Corp.


CONTACT:  Investor Contact: Garth Albright CFO     D: 604.630.5657Investor Relations       [e-mail] 


    

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