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VANCOUVER, BC, March 4, 2021
/CNW/ - Kadestone Capital Corp. ("Kadestone" or the "Company")
(TSX-V: KDSX) (OTCB: KDCCF), a vertically integrated property
company today announced its financial results for the year ending
December 31, 2020.
Highlights for the Year End:
- Cash and cash equivalents increased to $8,802,170
- Value of investment properties increased to $10,527,661
- Leased 3 and signed offers to lease on 5 of the 20 units at the
Kyle Road property
"2020 was a foundational year for Kadestone with the completion
of the IPO and the foundation established for the Company's
long-term growth," began Brent
Billey, the Company's CEO.
"Our priorities in 2021 will be to identify and secure
additional investment opportunities. Obtaining debt financing to
leverage our cash balances and allow for the expansion of our
property portfolio will also be a priority. We will also partner
with leading developers to provide them with building and
construction materials. We strongly believe that real estate
projects in the Vancouver region
will benefit from the Kadestone platform," concluded Mr.
Billey.
Financial Results
The Company recorded a net loss attributable to shareholders of
the Company for the year ended December 31,
2020 of $2,535,809 or
$0.08 per share compared with a net
loss of $496,284 or $0.16 per share for the prior year. This loss was
primarily due to professional and consulting fees of $1,093,052 involved with establishing the legal,
finance and corporate structure of the Company and the initial
public offering, stock-based compensation of $573,138, salaries and wages of $334,097 and fair value losses on investment
properties of $230,327. Our net
cash used in operating activities for the year ended December 31, 2020 increased to $1,733,574 compared to $342,033 for the year ended December 31, 2019.
The above audited financial information, including comparative
information, 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, 2020 and the
period from date of incorporation July 2,
2019 to December 31, 2019.
About Kadestone
Kadestone was established to pursue the investment in,
development, acquisition, and management of residential and
commercial income producing properties 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, statements regarding the Company's long-term
growth, the Company's ability to: identify and secure additional
investment opportunities, obtain debt financing, leverage cash
balances to allow for expansion of its property portfolio and
partner with leading developers, the Company's belief that
real estate projects in the Vancouver region will benefit from the
Kadestone platform 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, 2019 and 2020. 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.
SOURCE Kadestone Capital Corp.