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Winnipeg Free Press - PRINT EDITION

Business Watch

By: Staff Writer

Posted: 03/6/2013 1:00 AM | Comments: 0

Foreign-exchange alert

THE Manitoba Securities Commission has issued an investor alert about a purported offshore foreign-exchange (forex) dealer trying to drum up business in Manitoba.

In a news release issued Tuesday, the MSC said a Manitoba resident recently received a cold call from a purported forex dealer in Costa Rica called Accredited International/Accredited FX. The dealer was trying to convince the Manitoban to invest in one of its foreign currency-exchange contracts.

The MSC said Accredited International/Accredited FX is not registered to do business in Manitoba, and anyone the firm approaches should contact the commission (204-945-2548 or 1-800-655-5244).

It also warned there are significant risks involved in foreign currency-exchange investments.

"The trading of forex contracts is highly speculative and should not be done without extensive knowledge of the forex market," said commission investigator Len Terlinski. "If an individual does decide to enter this market, they are advised to get expert advice from a registered professional."

IMRIS revenue rises

IMRIS Inc. reported revenue of $20.1 million for the fourth quarter of 2012, a 37 per cent improvement over the same period the year before.

The Winnipeg medical device company, which is moving its entire operations to Minneapolis in 2013, also reported a net loss for the period of $6.6 million, which was 33 per cent larger than its net loss for the fourth quarter of 2011.

For the full 2012 year, IMRIS generated revenue of $52.4 compared to $51.8 million in 2011 and recorded total net losses for the year of $27.5 million compared to a net loss of $20.9 million in 2011.

The company grew its order backlog by $24 million during the quarter and its backlog increased 29 per cent during 2012 to $123 million as of Dec. 31, 2012.

IMRIS's fourth-quarter results were released after markets closed. Its shares were down six cents on Tuesday to $4.20.

The company is forecasting 2013 revenue to come in at a range of $65 million to $72 million. It expects the move to the U.S. will cost about $4 million.

Non-residential surprise

MANITOBA'S private and public sectors spent more on non-residential construction projects last year than was first thought.

Final year-end figures released Monday by Statistics Canada show $1.28 billion was spent on commercial, industrial and office projects in Manitoba in 2012.

That was an increase of 18.1 per cent from 2011's $1.08 billion, and 5.4 per cent higher than the preliminary estimate of $1.22 billion released in mid-January.

-- staff

Republished from the Winnipeg Free Press print edition March 6, 2013 B7

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