TORONTO, May 26, 2022 (GLOBE NEWSWIRE) -- Fountain Asset Corp. (TSXV:FA) ("Fountain" or the "Company") would like to announce its financial results for the three months ended March 31, 2022 ("Q1/22").
Highlights from Q1/22:
During Q1/22, the company saw an increase from its portfolio of publicly traded companies which included increases from Filo Mining. These were offset by decreases in Kwesst Micro Systems and Cansortium Inc.
The decrease in operating expenses to $0.18 million for Q1/22 compared to $0.19 million in the comparative quarter was driven by lower general and administrative costs.
The Company saw net comprehensive loss of $2.03 million for Q1/22 compared to net comprehensive income of $4.84 million for Q1/21. As at March 31, 2022, the Company's adjusted net assets were valued at $22.42 million or $0.36 per share compared to $24.44 million or $0.40 per share at December 31, 2021.
"The Company posted a revenue and profit decline during Q1/22 due to losses in several publicly traded companies. Fountain saw some of its private investments go public during the quarter which led to an increase in net realized losses." said Andrew Parks, CEO of Fountain.
A full set of the Q1/22 unaudited financial statements and the management discussion & analysis are available on SEDAR.
About Fountain Asset Corp.
Fountain Asset Corp. is a merchant bank which provides equity financing, bridge loan services (asset back/collateralized financing) and strategic financial consulting services to companies across many industries such as marijuana, oil & gas, mining, real estate, manufacturing, retail, financial services, and biotechnology.
Certain information contained in this press release constitutes forward-looking information, which is information relating to possible events, conditions or results of operations of the Company, which are based on assumptions and courses of action and which are inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information in this press release includes, but is not limited to, growing Fountain's capital base and a strong pipeline going forward. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the level of bridge loans and equity investments completed, the nature and credit quality of the collateral security and the nature and quality of equity investments, and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated August 30, 2019 filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither TSX Venture Exchange Inc. 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.
For further information: please contact Andrew Parks at (416) 456-7019 or visit Fountain Asset Corp.'s website at www.fountainassetcorp.com.
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