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Aberdeen International Inc. (TSX: AAB, FR: A8H, OTC: AABVF) Reports Results for the Six Months Ended July 31, 2022

Aberdeen International Inc.
·3 min read
Aberdeen International Inc.
Aberdeen International Inc.

  • Total investment gains were $0.8 million for the six months ended July 31, 2022, made up of realized losses on investments of $2.1 million and unrealized gains on investments of $2.9 million

  • As at July 31, 2022, Aberdeen's shareholders' equity was $39.8 million, or $0.27 per basic share.

  • Investments in clean energy inputs and technologies such as Progressus, EV Technology Group and Jourdan continue to be core to Aberdeen’s strategy

TORONTO, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB, F: A8H, OTC: AABVF) is pleased to announce that it has released its financial results for the six months ended July 31, 2022.

For the six months ended July 31, 2022, Aberdeen reported net loss of $2.1 million or $0.02 per basic share from total revenue of $0.8 million (realized loss on investments of $2.1 million, unrealized gains on investments of $2.9 million and interest income of $0.05 million). For the six months ending July 31, 2021, Aberdeen reported net income of $14.2 million or $0.10 per basic share from total revenue of $15.6 million (realized gain on investments of $0.9 million, unrealized gains on investments of $14.6 million and interest income of $0.1 million).

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The Company’s investment portfolio continues to be heavily weighted in early-stage investments that are orientated towards driving greater sustainability – clean energy, electrification, and food security are key thematic focus areas and recently added positions are generally producing unrealized gains. For example, EV Technology Group has made significant advancements to re-invent heritage brands, such as the Electric MOKE, with electrified drivetrains, and horizontal and vertical integration through M&A have been core to the strategy. In Q2, Aberdeen had a $1.5M unrealized gain on EV Technology Group, which accounts for more than 11% of total assets of the Company.

“Undoubtedly, we are in a challenging environment for public equities that are heavily focused on early-stage opportunities, which was reflected in the quarter’s results. The net loss comes largely as we pare positions for which we don’t see near-term catalysts to free up capital for deployment into promising opportunities that we think will provide upside through the near and medium term,” said Chris Younger, CEO of Aberdeen.

The Company continues to focus on the transition to an economy fuelled by clean energy, seeking attractive investment opportunities and strategic partners that can drive even greater portfolio value.

ABOUT ABERDEEN INTERNATIONAL INC.

Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the rare metals and renewable energy sectors. Progressus Clean Technologies (formerly AES-100 Inc.), an Aberdeen portfolio investment, owns the exclusive rights and all intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.

For additional information, please visit our website at www.aberdeen.green

For further information, please contact:

Chris Younger
Chief Executive Officer
Aberdeen International Inc.
Chris.Younger@aberdeen.green
(416) 861-1685

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the investment portfolio of the Company; financial results; the clean energy and natural resources sectors and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the clean energy and natural resources industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.aberdeen.green. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.