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.
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.
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