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VANCOUVER, BC, Aug. 20, 2021 /CNW/ - Kadestone Capital Corp.
("Kadestone" or the "Company") (TSXV: KDSX) (OTCB: KDCCF), a
vertically integrated property company today announced its
financial results for the six months ended June 30, 2021.
"Securing and funding the Chilliwack and Squamish investments is a significant
milestone for Kadestone. We wish to thank our development partner
and the lending banks for their confidence in Kadestone. We are
excited about our progress this year in identifying opportunities
and securing additional investments," said Brent Billey, the Company's CEO.
Financial Results
The Company recorded a net loss for the six months ended
June 30, 2021 of $881,105 or $0.02
per share compared with a net loss of $1,229,982 or $0.04
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 salaries and wages of $286,824, stock-based compensation of
$275,469, interest expense of
$157,171 and consulting fees of
$64,784 which were offset by a fair
value adjustment on investment properties of $294,222. Our net cash used in operating
activities for the six months ended June 30,
2021 increased to $634,602
compared to $604,688 for the six
months ended June 30, 2020.
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, 2020.
About Kadestone
Kadestone was established to pursue the investment in,
development, acquisition, 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, 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.