/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 16,
2023 /CNW/ - Kadestone Capital Corp. ("Kadestone" or
the "Company") (TSXV: KDSX) (OTCQB: KDCCF), a vertically integrated
property company today announced its financial results for the nine
months ended September 30, 2023.
"Amidst the dynamic landscape of the real estate market, we are
continuously evaluating and assessing investment opportunities
based on real estate market conditions that will benefit
Kadestone's shareholders" said Brent
Billey, the Company's CEO.
Financial Results
The Company recorded a net loss for the nine months ended
September 30, 2023, of $2,319,692 or $0.05
per share compared with a net loss of $3,250,741 or $0.07
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 share-based compensation
of $635,607, salaries and wages of
$547,647 and professional fees of
$320,241. Our net cash used in
operating activities for the nine months ended September 30, 2023, increased to $1,943,623 compared to $1,510,929 for the nine months ended September 30, 2022.
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, 2022.
About Kadestone
Kadestone was established to pursue the investment in,
acquisition, development and 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, the Company's ability to identify opportunities and
secure additional investments in 2023 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, 2022 and
2021. 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.
