Mr. Brent Billey reports

KADESTONE CAPITAL CORP. REPORTS Q1 2023 FINANCIAL RESULTS

Kadestone Capital Corp. has released its financial results for the three months ended March 31, 2023.

"We are very pleased with our [first quarter] 2023 period of operations and are excited about identifying opportunities and securing additional investments in 2023," said Brent Billey, the company's chief executive officer.

Financial results

The company recorded a net loss for the three months ended March 31, 2023, of $749,557 or two cents per share compared with a net loss of $1,030,243 or two cents per share for the same period in the prior year. This loss was primarily due to expenses incurred for the continuing operations of the company, which included share-based compensation of $304,795 and salaries and wages of $194,712. Its net cash used in operating activities for the three months ended March 31, 2023, increased to $1,080,282 compared with $365,637 for the three months ended March 31, 2022.

The unaudited financial information, including comparative information, 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 Dec. 31, 2022.

About Kadestone Capital Corp.

Kadestone was established to pursue the investment in, the acquisition, development and management of residential and commercial income-producing properties, and the procurement and sale of building materials within major urban centres and high-growth emerging markets in Canada. The company operates five complementary business lines spanning building material 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.

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