The Company reported a loss of $17,826 in 2000 (-$0.03 per share) compared to a loss of $20,808 in 1999 (-$0.03 per share). Income grew to $10,443 from $1,032 while total expenses increased to $28,269 from $21,840. Total assets stood at $583,391 down from $591,157 in 1999.
Contained in the notes to the Company's audited annual report is the following material disclosure:
"During the year ended March 31, 2000 an Option/Purchase Agreement was effected between the Company and the consortium group of Messrs. Kehl, Glover and Popovici (hereafter referred to as "Optionee/Purchaser"). A payment of $10,000 was received from the Optionee/Purchaser as consideration for a 90-day option to purchase the land referred to in Note 5 for $8.2 million which expired prior to March 31, 2000. Subsequent to the year end a second Option/Purchase Agreement was effected for $25,000 which provides the Optionee/Purchaser with the option to acquire ownership of the land referred to in Note 5 for $8.2 million. The option expires on December 31, 2000."
Mr. James A. Pearman, President, commented in his report,
"In the light of considerable real estate activity - albeit centred on Providenciales which must have some effect on East Caicos - your Board still feels that it would be reasonable to assume that a firm offer might be received during the period to the end of the next financial year, to purchase the land from the Company, or indeed, a controlling or 100% interest in the shares of the Company."
Solar Enterprises Ltd. is a domestic company listed on the BSX small cap board. The Company holds freehold title to 1,375.5 acres of undeveloped land on East Caicos, Turks and Caicos Islands, West Indies.