TORONTO, May 29, 2024 (GLOBE NEWSWIRE) -- Fountain Asset Corp. (TSXV:FA) ("Fountain" or the "Company") would like to announce its financial results for the three months ended March 31, 2024 ("Q1/24").

Highlights from Q1 2024:

• NAV of $6.22 million ($0.10/share) at March 31, 2024 compared to $6.66 million ($0.11/share) at December 31, 2023, representing a 9.1% decrease on a quarter over quarter per share basis;
• Net comprehensive losses of $0.44 million compared to net comprehensive losses of $0.18 million for the quarter ended March 31, 2023 ("Q1/23");
• Total losses from investment activity was $0.28 million compared to gains of $0.04 million for Q1/23;
• Net realized losses on the sale of portfolio investments of $0.32 million compared to net realized gains of $0.09 million for Q1/23;
• Net unrealized gains on portfolio investments of $0.04 million compared to net unrealized losses of $0.06 million for Q1/23;
• Total expenses of $0.17 million compared to $0.22 million for Q1/23; and
• Operating expenses of $0.17 million compared to $0.18 million for Q1/23.
  

During Q1/24, the Company realized $0.32 million in losses on the sale of non-core portfolio investments. The company saw a decline in its portfolio of publicly traded companies, which included a decline from SRG Mining Inc. The decreases were offset by increases in Hammond Power Solutions.

The Company continued to maintain low operating expenses in Q1/24, which helped reduce the net comprehensive loss of the Company. As at March 31, 2024, the Company's net assets were valued at $6.22 million or $0.10 per share compared to $6.66 million or $0.11 per share at December 31, 2023.

"During Q1/24, Fountain continued to focus on its growth-oriented goals by realigning its investment portfolio for new opportunities and exiting non-core investments that have not benefitted the Company. While this resulted in additional realized losses during Q1/24, Fountain believes the disposition of these investments was necessary for the Company to re-position itself and capitalize on new opportunities," said Andrew Parks, CEO of Fountain.

A full set of the Q1 2024 unaudited financial statements and the management 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, and biotechnology.

Forward-Looking Statements

Certain information contained in this press release constitutes forward-looking information, which is information relating to possible events, conditions or results of operations of the Company, which are based on assumptions and courses of action and which are inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information in this press release includes, but is not limited to, growing Fountain's capital base and a strong pipeline going forward. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the level of bridge loans and equity investments completed, the nature and credit quality of the collateral security and the nature and quality of equity investments, and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated August 17, 2022 filed on SEDAR+ at . Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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.

For further information: please contact Andrew Parks at (416) 456-7019 or visit Fountain Asset Corp.'s website at .