/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
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VANCOUVER, BC, April 21,
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 year ended December 31, 2022.
Highlights for the year:
- Cash and cash equivalents of $8,886,147 at December 31,
2022
- Investments of $8,947,359 in
Chilliwack and $8,696,043 in Squamish partnerships
- Sale of Marine Drive investment property interest for
$1,848,117 net of costs
- Cash financing of $10,000,000
through issuance of a note payable
"We are very pleased with our 2022 fiscal year of operations and
are excited about identifying opportunities and securing additional
investments in 2023." said Brent
Billey, the Company's CEO.
Financial Results
The Company recorded a net loss for the year ended December 31, 2022, of $4,557,948 or $0.09
per share compared to a net loss of $2,885,432 or $0.06
per share for the same period in the prior year. The loss was
primarily due to expenses incurred for the ongoing operations of
the Company which included salaries and wages of $1,520,686, share-based compensation of
$1,368,400, interest expense of
$1,086,011 and professional fees of
$801,910 that were partially offset
by a fair value adjustment on investment properties of $490,449. Net cash used in operating activities
for the year ended December 31, 2022,
increased to $2,348,890 compared to
$1,506,590 for the year ended
December 31, 2021.
The above audited financial information, including comparative
information, is expressed in Canadian dollars and has been prepared
in accordance with International Financial Reporting Standards,
using the accounting policies and methods of application as
described in notes 2 and 3 of the Company's audited consolidated
financial statements for the years ended December 31, 2022, and 2021.
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.