Fountain Asset Corp. Announces Its Financial Results for the Quarter Ended June 30, 2023

TORONTO, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Fountain Asset Corp. (TSXV:FA) (“Fountain” or the “Company”) would like to announce its financial results for the three months ended June 30, 2023 (“Q2/23”).

Highlights from three months ended June 30, 2023:

• Net asset value (“NAV”) of $11.00 million ($0.18 per share) at June 30, 2023 compared to $11.68 million ($0.19 per share) at March 31, 2023, representing a decrease of 5.3% quarter over quarter on a per share basis. NAV is calculated as the value of total assets less the value of total liabilities;
• Net comprehensive loss of $0.70 million for the three months ended June 30, 2023, compared to net comprehensive loss of $5.02 million for three months ended June 30, 2022 (“Q2/22”);
• Total loss from investment activity was $0.53 million compared to total loss of $4.70 million for Q2/22;
• Net realized losses on the sale of portfolio investments of $1.56 million compared to net realized losses of $1.24 million for Q2/22;
• Net unrealized gains on portfolio investments of $1.03 million compared to net unrealized losses of $3.47 million for Q2/22;
• Total expenses of $0.17 million, which included $0.02 million of stock-based compensation, compared to $0.32 million for Q2/22 which included $0.02 of stock-based compensation; and
• Operating expenses of $0.19 million compared to $0.19 million for Q2/22.
  
  

Highlights from six months ended June 30, 2023:

• NAV of $11.00 million ($0.18 per share) at June 30, 2023 compared to $11.84 million ($0.19 per share) at December 31, 2022, representing a 5.3% decrease year to date on a per share basis. NAV is calculated as the value of total assets less the value of total liabilities;
• Net comprehensive loss of $0.88 million for the six months ended June 30, 2023, compared to net comprehensive loss of $7.06 million for the six months ended June 30, 2022;
• Total loss from investment activity was $0.50 million compared to total loss of $6.50 million for the six months ended June 30, 2022;
• Net realized losses on the sale of portfolio investments of $1.47 million compared to net realized losses of $2.05 million for the six months ended June 30, 2022;
• Net unrealized gains on portfolio investments of $0.97 million compared to net unrealized losses of $4.47 million for the six months ended June 30, 2022;
• Total expenses of $0.39 million, which included $0.05 million of stock-based compensation, compared to $0.56 million for the six months ended Juen 30, 2022 which included $0.05 of stock-based compensation; and
• Operating expenses of $0.38 million compared to $0.37 million for the six months ended June 30, 2022.