TORONTO, May 26, 2023 (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, 2023 ("Q1/23").

Highlights from Q1/23:

• Net asset value ("NAV") of $11.68 million ($0.19 per share) at March 31, 2023 compared to $11.84 million ($0.19 per share) at December 31, 2022, representing a flat 0.0% change 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 $0.18 million for the three months ended March 31, 2023, compared to net comprehensive loss of $2.03 million for three months ended March 31, 2022 ("Q1/22");
• Total gain from investment activity was $0.04 million compared to total loss of $1.80 million for Q1/22;
• Net realized gains on the sale of portfolio investments of $0.09 million compared to net realized losses of $0.81 million for Q1/22;
• Net unrealized losses on portfolio investments of $0.06 million compared to net unrealized losses of $0.99 million for Q1/22;
• Total expenses of $0.22 million, which included $0.03 million of stock-based compensation, compared to $0.23 million for Q1/22 which included $0.03 of stock-based compensation; and
• Operating expenses of $0.18 million compared to $0.18 million for Q1/22.
  

During Q1/23, the company saw a slight increase from its portfolio of publicly traded companies, which included an increase from Black Swan Graphene. The increases were offset by decreases in the stock price of Hub Cyber Security.

The Company was able to maintain low operating expenses in Q1/23 as it has done in the previous quarters, which helped contribute to a net comprehensive loss of $0.18 million for Q1/23 compared to net comprehensive loss of $2.03 million for Q1/22. As at March 31, 2023, the Company's net assets were valued at $11.68 million or $0.19 per share compared to $11.84 million or $0.19 per share at December 31, 2022.

"During Q1/23, the Company saw early signs of success in its strategy to increase our exposure to the battery metals and the energy sector. We believe that with the new investments made this quarter in these industries Fountain has positioned itself to realize future economic benefits that will ensure the continued success of the Company," said Andrew Parks, CEO of Fountain.

A full set of the Q1/23 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 .