Sheridan Brothers Trust: Fiscal 2011 Report to Unitholders

TORONTO, ONTARIO--(Marketwire - April 30, 2012) - Sheridan Brothers Trust ("Sheridan Brothers", the "Trust", the Company") reports net earnings for the year ended December 31, 2011.

Financial Highlights for the period ending December 31, 2011 as follows:

Operating Results		Three Months Ended December 31, 2011 (Unaudited)		Year Ended December 31, 2011 (Audited)
Revenue		$1,122,480		$3,257,578
Operating expenses		1,919,102		3,182,646
Net earnings (loss)		(796,622)		74,932
Earnings per unit (loss)		$(0.169)		$0.016

Balance sheet highlights:		December 31, 2011		December 31, 2010
		(Audited)		(Audited)
Cash		$8,569,306		$7,480,544
Current assets		16,161,911		11,060,962
Total assets		16,351,305		11,258,640
Current liabilities		15,222,579		10,194,646
Total liabilities		15,517,479		10,354,646
Unitholders' equity		833,826		903,994

Results for last four quarters:
	Three Months Ended December 31, 2011	Three Months Ended September 30, 2011	Three Months Ended June 30, 2011	Three Months Ended March 31, 2011
Revenue	1,122,480	810,655	578,248	746,195
Expenses	1,919,102	407,657	369,034	486,853
Net earnings (loss)	(796,622)	402,998	209,214	259,342
Earnings per unit(loss)	$(0.168)	$0.085	$0.044	$0.055

Sheridan Brothers Trust (formerly Norstar Securities Trust) operates an independent Canadian investment dealer through its limited partner, Sheridan Brothers Limited Partnership (formerly Norstar Securities Limited Partnership).

Other Information:

This press release should be read in conjunction with the management's discussion and analysis and audited consolidated statement for the year ended December 31, 2011, which are available on SEDAR at www.sedar.com.

Forward-Looking Statements

This press release may contain forward-looking statements, which are subject to risks and uncertainties and other factors that may cause the Fund's results to differ materially from expectations. When reviewing the Fund's forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. These include risk relating to market fluctuations, investee performance, strength of the North American and European economy, foreign exchange fluctuations and other risks not yet known to the Fund.. These forward-looking statements speak only as of the date hereof. Unless otherwise required by applicable securities laws, the Fund disclaims any intention or obligation to update these forward-looking statements. The Fund does have an ongoing obligation to disclose material information as it become available. The discussion also includes cautionary statements about these matters. You should read the cautionary statements made as being applicable to all forward- looking statements wherever they appear in this document.