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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fountain Asset Corp | TSXV:FA | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.045 | 0.045 | 0.055 | 0 | 01:00:00 |
TORONTO, Nov. 27, 2018 /CNW/ - Fountain Asset Corp. (TSXV:FA) ("Fountain" or the "Company") is pleased to announce its financial results for the third quarter ended September 30, 2018.
Highlights from the Q3 ending September 30, 2018:
For the quarter ended September 30, 2018, the Company reported net income of $5.0 million compared to net income of $0.5 million in the quarter ended September 30, 2017. The current quarter net income was primarily attributable to gains on investment activity which included net realized gains on the sale of portfolio investments of $5.7 million as well as net unrealized gains on portfolio investments of $1.9 million.
As at September 30, 2018, the Company's Adjusted NAV per share was $0.60 compared to $0.47 at the end of December 31, 2017. This 28% increase was mainly due the gains on portfolio investments offset by a further reduction in available tax losses as we continued to realize gains on our portfolio.
"The third quarter's strong performance was driven by a private investment which began trading publicly as expected. This quarter further demonstrated Fountain's ability to source and invest in early stage companies." said Andrew Parks, CEO of Fountain.
A full set of the Q3 2018 unaudited financial statements and the related management's 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, blockchain technology and biotechnology.
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.
SOURCE Fountain Asset Corp.
Copyright 2018 Canada NewsWire
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