/NOT FOR DISTRIBUTION TO
Highlights for the year:
- Cash and cash equivalents of
$8,886,147 atDecember 31, 2022 - Investments of
$8,947,359 inChilliwack and$8,696,043 inSquamish partnerships - Sale of
Marine Drive investment property interest for$1,848,117 net of costs - Cash financing of
$10,000,000 through issuance of a note payable
"We are very pleased with our 2022 fiscal year of operations and are excited about identifying opportunities and securing additional investments in 2023." said
The Company recorded a net loss for the year ended
The above audited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards, using the accounting policies and methods of application as described in notes 2 and 3 of the Company's audited consolidated financial statements for the years ended
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
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
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