Mr. Brent Billey reports

KADESTONE CAPITAL CORP. REPORTS Q2 2023 FINANCIAL RESULTS

Kadestone Capital Corp. has released its financial results for the six months ended June 30, 2023. "We continue to progress at identifying additional investment opportunities. We expect to see the results of our efforts later in 2023, as we continue to believe that real estate projects in the Vancouver region will benefit from the Kadestone platform," said Brent Billey, the company's chief executive officer.

Financial results

The company recorded a net loss for the six months ended June 30, 2023, of $1,646,416, or four cents per share, compared with a net loss of $2,151,808, or five 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 $504,331, salaries and wages of $372,132 and professional fees of $240,584. The company's net cash used in operating activities for the six months ended June 30, 2023, increased to $1,726,485, compared with $1,325,120 for the six months ended June 30, 2022.

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

About Kadestone Capital Corp.

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 complementary 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.

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