FOUNTAIN ASSET CORP. ANNOUNCES ITS FINANCIAL RESULTS FOR THE FIRST QUARTER 2017Toronto, Ontario – Fountain Asset Corp. (“Fountain Asset”) (TSX Venture Exchange “FA”) announces its financial results for the first quarter ending March 31, 2017.
• Three month revenue of $998,000 compared to $295,000 in 2016;
• Net comprehensive income of $3.0 million ($0.06 per share) in the first quarter;
• Increase of adjusted book value per share to $0.38;
Management’s First Quarter Comments
For the quarter ended March 31, 2017, the Company reported total revenue of $998,000 in the first quarter of 2017 compared to $295,000 in the prior year’s quarter. Net comprehensive income for the first quarter was $3.0 million compared to $17,500 in the first quarter of 2016. As at March 31, 2017, the Company’s adjusted net asset per share was at $0.38 compared to $0.32 at the end of December 31, 2016.
A full set of unaudited financial statements and related notes have been filed 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 oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology. For further information, please contact Jason G. Ewart at (416) 488-7760 or visit Fountain Asset Corp.’s website at www.fountainassetcorp.com .