Ore Holdings, Inc. Posts Financial Results for the Three and Twelve Months Ended December 31, 2016

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Jun 30, 2017, 18:30 ET

NEW YORK, June 30, 2017 /PRNewswire/ -- Ore Holdings, Inc. ("Ore", Pink Sheets: ORXE), announced today its financial results for the three and twelve months ended December 31, 2016. Net loss for the three months ended December 31, 2016 was $559,069 or $0.01 loss per share, as compared to a net loss of $96,000 or $0.00 per share for the three months ended December 31, 2015. Net loss for the twelve months ended December 31, 2016 was $289,976 or $0.01 per share, as compared to a net loss of $1,138,245 or $0.02 loss per share for the twelve months ended December 31, 2015. There was no revenue for all periods presented.

As previously reported, Ore has suspended its SEC registration and no longer provides financial or other information through SEC filings. Ore intends to continue to provide quarterly and annual financial information by posting such information on its web site, www.oreholdings.com.

To ensure the preservation of the Company's net operating loss, our Certificate of Incorporation limits the ability of stockholders from acquiring more than five percent of our outstanding stock.

Ore Holdings, Inc. - Overview

Ore Holdings, Inc. is currently focused on investing in profitable operations to redeploy its working capital and maximize the use of its net operating loss carryforwards.

Terry Gibson - President, CEO & CFO 650-743-8197

ORE HOLDINGS INC. Consolidated Condensed Statements of Operations For the Three and Twelve Months Ended December 31, 2016 and 2015 (in thousands, except per share data)

		Three Months Ended		Twelve Months Ended
		December 31,		December 31,
		2016	2015	2016	2015

Revenue		$ -	$ -	$ -	$ -

Expenses
	General and administrative	13	38	88	271
	Management fees	60	60	240	240

	Total expenses	73	98	328	511

	Loss from operations	(73)	(98)	(328)	(511)

Other (expense) income
	(Loss) income from equity investment	(458)	-	-	(862)
	Realized gain on sale of marketable securities	-	-	42	214
	Interest income, net	-	2	7	21
	Other expenses	(17)	-	-	-
	Total other (expense) income	(475)	2	49	(627)

	Net loss before income tax expense	(548)	(96)	(279)	(1,138)

	Income tax expense	(11)	-	(11)	-

	NET LOSS	$ (559)	$ (96)	$ (290)	$ (1,138)

Basic and diluted net income (loss) per share		$ (0.01)	$ (0.00)	$ (0.01)	$ (0.02)


Shares used in computing basic and diluted net income (loss) per share		48,873	48,873	48,873	48,873

ORE HOLDINGS INC. Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015 (in thousands, except share data)

		December 31,	December 31,
		2016	2015
	ASSETS

Current assets:
	Cash and cash equivalents	$ 116	$ 268
	Marketable securities available for sale	-	48
	Prepaid expenses	13	10

	Total current assets	129	326
Long-term due from affiliates, net of investment basis		-	-

	Total assets	$ 129	$ 326

	LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
	Accounts payable	$ 116	$ 23
	Other accrued expenses	33	42

	Total current liabilities	149	65

Stockholders' deficit:
	Preferred stock, $.01 par value; 2,000,000 shares authorized; 1,005,228 shares issued and outstanding for both dates presented	10	10
	Common stock, $.01 par value; 15,000,000 shares authorized; 8,663,519 shares issued and outstanding for both dates presented	87	87
	Additional paid-in-capital	392,427	392,427
	Accumulated other comprehensive loss	-	(10)
	Accumulated deficit	(392,544)	(392,253)

	Total stockholders' equity	(20)	261

	Total liabilities and stockholders' equity	$ 129	$ 326