DXI Capital Corp (TSE:DXI) (OCTQB:DXIEF), formerly DXI Energy, has filed its financials for the year to end-December, saying the group is "actively seeking an impactful tailwind business with a strong, well-capitalized management team".
The Vancouver-based company sold its energy assets in the summer of 2020, including its 99%-Woodrush production facility in British Columbia and its Kokopelli gas project in Colorado.
READ: DXI Capital taps well-connected Sean Hodgins as new COO and CFO
It successfully liquidated 100% of all operating subsidiaries, including all associated liabilities and reported a one-time C$8.7 million gain on these dispositions.
"The company is now well-positioned to source and support a qualifying transaction to leverage DXI Capital's network and lineague in the North American public markets," it said in the statement.
In December last year, DXI hired high-tech and life sciences industry veteran Sean Hodgins as chief operating officer and chief financial officer.
Hodgins is co-founder of the TIG, a professional advisory services firm with a network of over 175 part-time CFO advisors and business consultants across North America.
The company also said it had engaged Tandem Innovation Group (TIG) to “assist in the search for a suitable business transaction".
It maintains an in-place C$375,000 bridge loan from the major shareholders to support the search for and closure of a quality transaction and also maintains usable tax losses under Canadian tax laws of: C$26 million of net operating loss carry-forwards, and C$95 million of capital loss carry-forwards.
Contact the author at giles@proactiveinvestors.com