VANCOUVER, BC, Nov. 19, 2020
/CNW/ - Kadestone Capital Corp. ("Kadestone" or the
"Company")(TSX-V: KDSX), announces the results of operations for
the quarter ended September 30, 2020.
The results reported are pursuant to International Financial
Reporting Standards (IFRS) for public companies and are expressed
in Canadian dollars.
For the nine months ended September 30,
2020, the Company is reporting a loss of $1,723,733; net cash used in operating activities
of $626,091; and loss per share of
$0.06. The majority of the
costs incurred in the nine months ended September 30, 2020 have been used to support the
Company's efforts to complete the initial public offering.
"We are very excited to have completed the IPO and Cornerstone
investment. This will provide the foundation and catalyst for
Kadestone's intergraded development platform," began Brent Billey, the Company's CEO.
"We are also pleased to have closed, and financed, with a major
bank on the Kyle Road property. Our next step will be to identify
and secure additional investment opportunities. We want to leverage
our IPO and Cornerstone proceeds as well as obtain debt financing
to do this. Our focus and priority is now on the expansion of
our property portfolio. We strongly believe that real estate
projects in the Vancouver region
will benefit from the Kadestone platform," concluded Brent.
About Kadestone
Kadestone Capital Corp. 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. Additional information can be found at
www.kadestone.com.
Cautionary Statement Regarding Forward- Looking
Statements
Certain statements in this news release contain forward-looking
statements within the meaning of the applicable Canadian securities
laws that may not be based on historical fact. When used
herein, the words "expect", "anticipate", "estimate", "may",
"will", "should", "intend," "believe", and similar expressions, are
intended to identify forward-looking statements. Forward-looking
statements may involve, but are not limited to, the Company's
ability to identify and secure additional investment opportunities
in high-growth, emerging markets in Canada or otherwise, obtain debt financing and
expand the Company's property portfolio and the Company's belief
that real estate projects in the Vancouver region will benefit from the
Kadestone platform. 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. Many factors could cause the Company's actual
results, performance or achievements to differ materially from
those expressed or implied by the forward-looking statements,
including 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 three and nine months ended September
30, 2020 (copies of which may be obtained at www.sedar.com).
These factors should be considered carefully, and readers should
not place undue reliance on the Company's forward-looking
statements. 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.