Gulf & Pacific Equities Corp. reports on First Quarter Results with Revenue of $975,248 And Completes Additional Financing

Toronto, ON, May 19, 2023 (GLOBE NEWSWIRE) -- Gulf & Pacific Equities Corp. (TSX-V: GUF) an established company focused on the acquisition, management and development of anchored shopping centres in Western Canada, reports a 3.7% increase in revenues to $975,248 in the quarter ended March 31, 2023, from $940,004 at the same period last year.

Details of the three months financial results for fiscal 2023 and 2022 under International Financial Reporting Standards (IFRS), as summarized below, are also available at www.sedar.com or the company's website www.gpequities.com.

		Three Months Ended
		(Unaudited)
		March 31,
			2023			2022
Revenue		$	975,248		$	940,004
Net Income (Loss) before fair value adjustment,
other income items and income taxes		$	(62,043	)	$	(74,684	)
Net Income (Loss) before fair value adjustment
other income items and income taxes per share – basic and diluted		$	-		$	-
Net Income and Comprehensive Income		$	108,018		$	3,079
Net Income and Comprehensive Income
per common share – basic		$	0.01		$	-
Net Income and Comprehensive Income
per common share – diluted		$	-		$	-
Weighted average number of common
shares outstanding – basic			21,290,685			21,290,685
Weighted average number of common
shares outstanding – diluted			21,950,791			21,694,423

As previously announced on April 21, 2023, the company announced that it has refinanced mortgages due April 1, 2023, totalling $18,080,724 for a term of two years at a fixed rate of 6.98%. Subsequently, as part of the redevelopment of Building 2 at Tri-City Mall and the redevelopment at the Three Hills Property, the company closed additional mortgages in April 2023 totalling $3.3 million and repaid an existing mortgage of $224,794 on the Three Hills property.