/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Dec. 3, 2020
/CNW/ - Kadestone Capital Corp. (TSXV: KDSX) (the "Company" or
"Kadestone") wishes to announce that it has entered into a
non-binding letter of intent (the "Letter of Intent") with Taisheng
International Investment Services Inc. ("Taisheng") regarding the
further development of the Qinghuangdao Economic and Technological
Development Zone ("QETDZ") Industrial Park in Terrace, BC further strengthening the
Company's building procurement business in Canada.
HIGHLIGHTS
- The Company will pursue the leasing or purchasing of
approximately 200 acres of the QETDZ Terrace Industrial Park from
Taisheng
- This forms a key milestone towards establishing Kadestone as a
market leading vertically integrated property company with a robust
global network of partners, suppliers and investors
- Upon successful completion of the transaction, this project in
Terrace will be used as a key
staging, storage, and assembly site to expand the Company's
building materials procurement business
- Terrace's proximity to the
port of Prince Rupert, a highly
cost-effective international shipping port, represents a good
opportunity to fully utilize Kadestone's global relationships
- The relationship with Taisheng will ideally expand to leverage
the Company's expertise and services to assist in the development
of further opportunities at the QETDZ Industrial Park
- Both parties will promptly begin legal negotiations with the
goal of reaching one or more definitive agreements on or prior to
June 1, 2021
"We are excited to enter into this LOI with Taisheng to further
pursue this opportunity," said Brent
Billey, Kadestone Capital Corp's Chief Executive Officer.
"This land in Terrace would enable
us to expand our building materials supply division. It would
also give us the ability to enhance delivery scheduling consistency
as well as final assembly and quality control
measures," concluded Brent.
The Qinhuangdao Economic and Technological Development Zone
(QETDZ) Industrial Park project is a 1,200-acre industrial land
development site in Terrace BC,
owned by Taisheng. The long-term goal is to develop a
manufacturing-oriented industrial park, which will be the first of
its kind in Western Canada.
Under the terms of the Letter of Intent, completion of the
transaction is subject to a number of conditions including, but not
limited to, negotiation of the transaction, the completion of due
diligence on the QEDTZ property, negotiation and execution of the
definitive agreement and satisfaction of the closing conditions.
There can be no assurance that the transaction will be completed as
proposed or at all.
About Kadestone Capital Corp.
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
Cautionary Statement Regarding Forward Looking- Statements
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. 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 ability of the Company to further
develop QETDZ Industrial Park , the Company's ability to lease of
purchase approximately 200 acres of the QETDZ Terrace Industrial
Park from Taisheng, the Company's ability to establish a market
leading vertically integrated property company with a robust global
network of partners, suppliers and investors, the Company's ability
to use the project as a key staging, storage, and assembly site to
expand the Company's building materials procurement business,
Terrace representing a good
opportunity to fully utilize Kadestone's global relationships, the
expansion of the relationship with Taisheng, the ability to
complete negotiations for a definitive agreement. 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 without limitation, the parties being unable to
agree to the final terms of the transaction, the risk that the
conditions to completion of the transaction will not be satisfied,
an event, change or other circumstance that could give rise to the
termination of the transaction will occur, the impact of the
COVID-19 pandemic, the Company's ability to retain key personnel;
the Company's ability to execute on expansion plans; the Company's
ability to execute on additional acquisition opportunities, the
Company's ability to continue investing in infrastructure to
support growth, the ability to obtain and maintain existing
financing on acceptable terms and other factors set forth in the
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. This news release does not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale or any acceptance of an offer to buy these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
SOURCE Kadestone Capital Corp.