/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VANCOUVER,
BC, Aug. 24, 2023 /CNW/ - Kadestone Capital
Corp. ("Kadestone" or the "Company") (TSXV: KDSX) (OTCQB: KDCCF), a
vertically integrated property company today announced its
financial results for the six months ended June 30, 2023.
"We continue to progress at identifying
additional investment opportunities. We expect to see the results
of our efforts later in 2023, as we continue to believe that real
estate projects in the Vancouver
region will benefit from the Kadestone platform," said Brent Billey, the Company's CEO.
Financial Results
The Company recorded a net loss for the six
months ended June 30, 2023, of
$1,646,416 or $0.04 per share compared with a net loss of
$2,151,808 or $0.05 per share for the same period in the prior
year. This loss was primarily due to expenses incurred for the
ongoing operations of the Company which included share-based
compensation of $504,331, salaries
and wages of $372,132 and
professional fees of $240,584. Our
net cash used in operating activities for the six months ended
June 30, 2023, increased to
$1,726,485 compared to $1,325,120 for the six months ended June 30, 2022.
The above unaudited financial information,
including comparative information, is expressed in Canadian dollars
and has been prepared in accordance with International Financial
Reporting Standards, using the same accounting policies and methods
of application as described in notes 2 and 3 of the Company's
audited consolidated financial statements for the year ended
December 31, 2022.
About Kadestone
Kadestone was established to pursue the
investment in, acquisition, development and management of
residential and commercial income producing properties and
procurement and sale of building materials within major urban
centres and high-growth, emerging markets in Canada. The
Company operates five complimentary business lines spanning
building materials procurement and supply, property development and
construction, construction finance, asset ownership and property
management. These synergistic business lines have solidified
Kadestone's vision to become a market leading vertically integrated
property company. Additional information can be found
at www.kadestone.com.
ON BEHALF OF THE BOARD
(signed) "Brent Billey"
President, CEO and Director
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward- Looking Statements
Certain information in this press release,
including, but not limited to, the Company's ability to identify
opportunities and secure additional investments in 2023 and the
Company's vision to become a leading vertically integrated property
company, may constitute forward looking information (collectively,
forward-looking statements), which can be identified by the use of
terms such as "may," "will," "should," "expect," "anticipate,"
"project," "estimate," "intend," "continue" or "believe" (or the
negatives) or other similar variations. Because of various risks
and uncertainties, including those referenced below, actual events
or results may differ materially from those reflected or
contemplated in such forward-looking statements. As a result, you
should not rely on such forward-looking statements. Additional
information identifying assumptions, risks and uncertainties
relating to Kadestone is contained in Kadestone's filings with the
Canadian securities regulators available at www.sedar.com. These
risks include those described in the "Risk Factors" section of the
Company's final prospectus dated September 2, 2020, and
in the Management's Discussion and Analysis for the years ended
December 31, 2022 and 2021. The
forward-looking statements in this press release are applicable
only as of the date of this release or as of the date specified in
the relevant forward-looking statement. The Company has no
intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Kadestone Capital Corp.