/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Jan. 9, 2023
/CNW/ - Kadestone Capital Corp. ("Kadestone" or the
"Company") (TSXV: KDSX) (OTCQB: KDCCF), a vertically
integrated property company, announces that it has signed an
agreement to dispose of the Company's 51% interest in its Marine
Drive investment property (the "Property") as of
December 31, 2022. The 51% interest
in the Property is held by 1230609
B.C. Ltd., a wholly-owned subsidiary of the Company (the
"Registered Owner").
The sale of the Property will be effected pursuant to an
agreement of purchase and sale whereby the Company will sell all of
the issued and outstanding shares of the Registered Owner to
0995793 B.C. Ltd. (the
"Purchaser") in exchange for $1,850,000.00 in cash.
The Purchaser is a company controlled by Travis Chen, a control person of Kadestone, and
is a "Non-Arm's Length Party" as defined in Policy 1.1 of the TSX
Venture Exchange (the "Exchange"). The Company has
determined that the sale of the Property to the Purchaser is exempt
from the application of Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special
Transactions and Policy 5.9 of the Exchange.
The Company intends to use the net proceeds from the sale of the
Property to pay off existing debt and for general corporate
purposes.
About Kadestone
Kadestone 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. 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 TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward- Looking Statements
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain information in this press release
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 September
2, 2020 and in the Management's Discussion and Analysis for
the year ended December 31, 2021. The
forward-looking statements in this press release are applicable
only as of the date of this release or as of the date specified in
the relevant forward-looking statement.
SOURCE Kadestone Capital Corp.