FOUNTAIN ASSET CORP. ANNOUNCES ITS FINANCIAL RESULTS FOR THE SECOND QUARTER 2017August 28, 2017
Toronto, Canada – Fountain Asset Corp. (“Fountain Asset”) (TSX Venture Exchange “FA”) announces its financial results for the second quarter ending June 30, 2017.
• Six month revenue of $559,000;
• Net comprehensive income of $3.1 million ($0.06 per share) in the first six months of 2017;
• Increase of adjusted book value per share to $0.37 from $0.31 at the end of December 31, 2016;
• Six consecutive quarters of positive net comprehensive income.
Management’s Second Quarter Comments
For the six months ending June 30, 2017, the Company reported total revenue of $559,000 compared to $1,107,000 in the prior year’s first six months. Net comprehensive income for the first six months was $3,113,000 compared to $644,000 in the prior year’s first six months. As at June 30, 2017, the Company’s adjusted net asset per share was at $0.37 compared to $0.31 at the end of December 31, 2016.
Within the first six months of 2017 we saw our portfolio of companies continue to make strong progress in their operational development.” said Jason Ewart, CEO of Fountain. He added “Many of our portfolio companies are scaling well and we believe they will reward us with solid returns in the future, including liquidity events that we saw occur for The Hydropothecary Corporation in the first half of 2017 and Advantagewon Oil Corp. subsequent to the end of the second quarter."
A full set of unaudited financial statements and related notes have been filed on SEDAR.
In July, Fountain’s investee company, Advantagewon Oil Corp. completed its listing on the Canadian Stock Exchange (the “CSE”). Advantagewon Oil Corp. trades under the symbol “AOC”. Advantagewon is a Toronto-based oil and gas company with a focus on development opportunities in Texas, U.S.A.
In August, Fountain completed the sale of its 12.5% ownership of the one million square foot commercial complex called Fletcher Business Park LLC, located in North Carolina for cash proceeds of $2.2 million.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable Canadian securities laws including statements related to the Company’s investee companies’ ability to scale and provide the Company with solid returns. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, those factors, discussed in detail in the Company’s Management Discussion and Analysis and other public filings which can found at www.sedar.com.
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