/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 25, 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 nine months ended September 30, 2021.
"Accessing the capital from the Kyle Road property will allow
the Company to pay down debt used towards the Chilliwack and Squamish investments to ensure the optimal use
of invested capital" said Brent
Billey, the Company's CEO. "We are excited about our
progress this year in identifying opportunities and securing
additional investments," continued Mr. Billey.
In addition, the Company announces the grant of stock options to
Director Dr. Anthony Holler under
its stock option plan to purchase an aggregate of 100,000 common
shares of the Company at an exercise price of $1.80 per share, to vest over a three-year period
and with an expiry date of November 23,
2031.
Financial Results
The Company recorded a net loss for the nine months ended
September 30, 2021 of $1,935,111 or $0.04
per share compared with a net loss of $1,723,733 or $0.06
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 $439,824, stock-based compensation of
$614,612, interest expense of
$419,047 and professional fees of
$235,295 which were offset by a fair
value adjustment on investment properties of $160,999. Our net cash used in operating
activities for the nine months ended September 30, 2021 increased to $894,691 compared to $626,091 for the nine months ended September 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. Forward-looking statements are based on
estimates and assumptions made by the Company in light of its
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors that the Company believes are appropriate in the
circumstances. 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. 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.