SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8 - K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934
Date of Report: May 16, 2002
Commission file number: 0-22622
CREATOR CAPITAL LIMITED
(Exact name of registrant as specified in its charter)
BERMUDA 98-0170199
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
Cedar House, 41 Cedar Street
Hamilton HM 12, Bermuda
(Address of principal executive offices)
(604) 947-2555
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(g) of the Act:
50,000,000
ITEM 5: OTHER EVENTS
On May 16, 2002, Creator Capital Limited released its revenue and results of
operations for the first quarter ended March 31, 2002.
A copy of the News Release is attached hereto and filed as an
Exhibit to this filing on Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, this Report has been signed below by the following
person(s) on behalf of the Registrant and in the capacities and
on the date indicated.
CREATOR CAPITAL LIMITED
"Deborah Fortescue-Merrin"
_____________________________
Name: Deborah Fortescue-Merrin
Title: President
Date: May 17, 2002
EXHIBIT 1
News Release
May 16, 2002
Creator Capital Limited
Cedar House, 41 Cedar Street
Hamilton HM 12
Islands of Bermuda
Creator Capital Reports First Quarter Earnings
HAMILTON, BERMUDA - May 16, 2002 - CREATOR CAPITAL LIMITED ("CCL")
(CTORF:OTCBB) is pleased to release its revenue and results of operations
for the first quarter ended March 31, 2002.
Three Months Ended March 31, December 31
2002 2001 2001
Revenue $ 119,248 $ 151,210 $ 561,030
Operating Expenses
General and administrative 50,519 58,683 156,757
Consulting and contract labor 27,800 51,990 94,357
Marketing 5,583 - 25,308
Legal 5,316 2,119 7,853
Depreciation and amortization 22,951 109,743 243,239
--------- -------- --------
112,169 222,535 527,514
--------- -------- --------
7,079 (71,325) 33,516
--------- -------- --------
Other (Income) and Expense
Interest expense (55) - (1,153)
Interest income 186 465 18,164
--------- -------- --------
131 465 17,011
Net gain (loss) $ 7,210 $ (70,860) $ 50,527
BASIC AND DILUTED LOSS PER SHARE
Numerator for basic and diluted
loss per share:
Net gain (loss) 7,210 (70,860) 50,527
Preferred stock dividends (51,688) ( 86,740) (203,399)
Income gain (loss) to
common shareholders $ (44,478) $ (157,600) $ (152,872)
Denominator for basic and
diluted loss per share:
Weighted average shares
Outstanding 90,424,191 50,000,000 70,385,000
Net loss per share $ 0.0005 $ 0.003 $ 0.002
Revenue from operations for the three months ended March 31, 2002 was
$119,248 compared to $151,210 during the three months ended March 31, 2001.
Revenue consisted of fees generated from the Sky Play amusement games
acquired with the purchase of IIL. The decrease in revenue reflects the
fact that the number of airlines licensed to use the Company's software
has decreased even though the number of aircraft flying with Sky Play
remained static at 141. This result is directly attributable to the
current budgetary constraints of the airline industry in general.
Net gain of $7,210 for the three months ended March 31, 2002 compared to a
loss of $70,860 for the three months ended March 31, 2001 reflects the
continuing efforts of management to contain expenses, along with the
significant decrease in the depreciation and amortization expenses.
General and administrative expense decreased from $58,683 in the 2001 period
to $50,519 in the 2002 period.
Consulting and contract labor expenses have decreased from $51,990 to
$27,800. Product marketing increased from $0 to $5,583 and legal expense
increased from $2,119 to $5,316.
Depreciation and amortization expenses decreased by $86,792 to $22,951.
Asset China Investments has informed CCL that the investment through Beacon
Hill Enterprises in the Chinese Lottery business, including the Soccer
Betting Lottery and the World Cup Lottery is proceeding as planned. Sales
of World Cup Soccer Lottery tickets betting on the World Cup matches will
officially begin in China on May 18, 2002.
About Creator Capital
Creator Capital Limited is a Bermuda exempted company. CCL holds an
investment in a China Lotteries Project. The Company introduced the in-
flight interactive gaming experience to international airline passengers
as a method of creating additional revenues for airlines. Creator Capital's
two products are Sky Games and Sky Play. Sky Games consists of interactive
gaming, such as Blackjack (21), Draw Poker, and Slots. Sky Play consists of
interactive PC amusement games such as Mah Jong, Solitaire and Chess.
ON BEHALF OF THE BOARD OF DIRECTORS
"Deborah Fortescue-Merrin"
Deborah Fortescue-Merrin
President
Corporate Contact:
Contact: Deborah Fortescue-Merrin
Telephone: (604) 947-2555
Email: info@creatorcapital.com
Website: http://www.creatorcapital.com
Safe Harbour statements under the Private Securities Litigation Reform
Act of 1995; - this release contains forward looking statements within
the meaning of Section 27A of the Securities Act of 1933, and Section
21B of the Securities Exchange Act of 1934. Any statements which
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, goals,
assumptions or future events or performance are not statements of
historical fact, may be foreword looking statements. Forward
looking statements are based upon expectations, estimates and
projections at the time the statements are made, which involve a
number of risks and uncertainties which could cause actual results
or events to differ materially from those presently anticipated.