Mr. Anthony Cohen reports

GULF & PACIFIC EQUITIES CORP. REPORTS ON FIRST QUARTER RESULTS WITH REVENUE OF $975,248 AND COMPLETES ADDITIONAL FINANCING

Gulf & Pacific Equities Corp. had a 3.7-per-cent increase in revenues to $975,248 in the quarter ended March 31, 2023, from $940,004 at the same period last year.

Details of the three-month financial results for fiscal 2023 and 2022 under international financial reporting standards (IFRS), as summarized below, are also available on SEDAR or the company's website.

As previously announced on April 21, 2023, the company announced that it has refinanced mortgages due April 1, 2023, totalling $18,080,724 for a term of two years at a fixed rate of 6.98 per cent. Subsequently, as part of the redevelopment of building 2 at Tri-City Mall and the redevelopment at the Three Hills property, the company closed additional mortgages in April, 2023, totalling $3.3-million and repaid an existing mortgage of $224,794 on the Three Hills property.

About Gulf & Pacific Equities Corp.

Gulf & Pacific Equities was incorporated under the laws of the Province of Alberta on April 8, 1998, and thereafter completed a public offering of common shares by prospectus dated June 26, 1998.

The company acquires, manages and develops anchored shopping malls in Western Canada's rural centres, particularly Alberta. Gulf & Pacific targets smaller, rapidly growing hub communities serviced with hospitals, high schools, police stations and retail service infrastructures. Management has consistently reinvested cash flow to improve and expand its portfolio of income properties.

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