/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
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VANCOUVER, BC, May 19, 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 quarter ended March 31, 2021.
"We are excited about our progress so far this year at
identifying and securing additional investment opportunities. We
are also quickly moving forward with the development of our
building materials business. We expect to see the results of our
efforts later in 2021, 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 quarter ended
March 31, 2021 of $577,183 or $0.01
per share compared with a net loss of $689,625 or $0.02
per share for the same quarter 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 $132,062, stock-based compensation of
$125,151, interest expense of
$78,141 and consulting fees of
$48,258. Our net cash used in
operating activities for the quarter ended March 31, 2021 increased to $485,196 compared to $336,511 for the quarter ended March 31, 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 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.
