FOUNTAIN ASSET CORP. ANNOUNCES ITS FINANCIAL RESULTS FOR THE SECOND QUARTER 2016August 30, 2016
TORONTO, ONTARIO – Fountain Asset Corp. (“Fountain Asset”) (TSX Venture Exchange “FA”) announces its financial results for the second quarter ending June 30, 2016.
• Three month revenue of $811,000 compared to $300,000 in 2015;
• Net income of $627,000 compared to net income of $118,000 in 2015;
• Portfolio of publicly traded companies increased to $5.4 million compared to $5.2 million at year end;
• Total assets of $13.4 million at the end of the quarter;
Management’s First Quarter Comments
For the second quarter ended June 30, 2016, the Company reported net income of $627,431 or $0.01 per share compared to a net income of $118,221, or $0.00 per share in the prior year. Total assets as at June 30, 2016 were $13.4 million compared to $12.9 million as at December 31, 2015. The Company’s portfolio of public companies increased to $5.4 million at quarter end compared to $5.2 million at year end.
“Within the second quarter we saw our portfolio of public companies continue to make a positive rebound from the end of 2015.” 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 potential liquidity events in the second half of 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 .
These materials include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Other than statement of historical fact, all statements in this material, including, without limitation, statements regarding fair values of marketable securities, investments, bridge loans, convertible debentures, estimated asset retirement obligations, and future plans and objectives of the Company, are forward-looking statements that involve various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of these materials. Important factors that could cause actual results to differ materially from the Company's expectations include, without limitation, the level of bridge loans completed, the nature and credit quality of the collateral security, the sufficiency of cost estimates for remaining reclamation obligations as well as those factors discussed in the Company's documents filed from time to time with the TSX Venture Exchange, Canadian securities regulators and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.