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VANCOUVER, BC, Aug. 18, 2021 /CNW/ – Kadestone Capital Corp. («Kadestone» or the «Company«) (TSXV: KDSX) (OTCQB: KDCCF), a vertically integrated property company, is pleased to announce that Kadestone (Kyle Road) Property Ltd., a subsidiary of Kadestone, has agreed with Union Allied Capital Corp. to sell Building 1 – 2648 Kyle Road, Kelowna, BC: Strata Lots: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19 and 20 for $10,100,000 (the «Sale«) in cash. The Sale will be completed pursuant to a purchase and sale agreement and will be subject to standard closing conditions including final acceptance of the Sale by the Exchange. The closing of the Sale is anticipated to occur on or about October 30, 2021.
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
Certain information in this press release, including, but not limited to, statements regarding 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 the risk that the conditions to the Sale may not be met, 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 years ended December 31, 2019 and 2020. 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.