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NUVO announces third quarter 2008 financial results
Date:10/30/2008

nd the prepayment of future royalties under the new licensing arrangements with Squire. For the nine months ended September 30, 2008 funds used in operating activities decreased to $5.0 million from $9.5 million.

Net cash used in investing activities totaled $36,000 and $92,000 for the three and nine months ended September 30, 2008 compared with $31,000 and $220,000 for the three and nine months ended September 30, 2007. Net cash provided by financing activities totaled $1.4 million for the three months ended September 30, 2008, compared to $18.4 million for the three months ended September 30, 2007. During the quarter, the Company issued a $2 million debenture to Squire and repaid $0.5 million of long-term debt and debentures. In the comparable period last year, net cash used in financing activities related to scheduled debt repayments. Net cash provided by financing activities totaled $2.3 million for the nine months ended September 30, 2008, compared to $23.2 million for the nine months ended September 30, 2007.

Squire Tax Reassessment

On August 16, 2005, the Company sold 100% of the common shares of its subsidiary DHCL (renamed Squire) to Paladin. Under the terms of the share purchase agreement ("SPA") with Paladin, the Company provided representations and warranties with respect to the status of the Company's tax accounts and its tax assets, which consisted of non-capital losses, investment tax credits and undeducted scientific research and experimental development expenditures. If the amounts represented are incorrect then the Company is required to indemnify Paladin for a portion of its losses.

In July and August 2008, Squire received notices of reassessment relating to its taxation years ending August 16, 2005 and July 31, 2006 and 2007 ("the Tax Years") from the Canada Revenue Agency ("CRA") containing adjustments related to certain transactions occurring in the tax year ended August 16, 2005 that impact all of the Tax Years. It
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SOURCE Nuvo Research Inc.
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