(Burlington, ON) Tempus Capital Inc. (“Tempus” or the “Company”) announces that it has filed its audited consolidated financial statements and related MD&A for the year ended December 31, 2019. Tempus reports that total assets have increased from $12,078,962 to $12,341,545, net income and comprehensive income has increased to $106,461 compared to $26,137 in the prior year and total equity has increased by $132,672 to $4,144,165 ($0.14 per share).
The Company had previously announced in a press release dated April 27, 2020 that due to logistics and delays caused by the COVID-19 virus, the Company was relying on the exemption provided in Ontario Instrument 51-502 (Temporary Exemption from Certain Corporate Finance Requirements) of the Ontario Securities Commission (and similar exemptions provided by the securities commissions in British Columbia, Alberta) to postpone the filing of its annual audited consolidated financial statements for the year ended Dec. 31, 2019, as required by Section 4.2 of National Instrument 51-102 (Continuous Disclosure Obligations), and its related management’s discussion and analysis for the year ended Dec. 31, 2019, as required by Section 5.1(2) of NI 51-102 (the “Annual Documents”).
Since December 31, 2019, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, including Canada, businesses are being forced to cease or limit operations for long or indefinite periods of time. Global stock markets have also experienced great volatility and a significant weakening. Governments and central banks have responded with monetary and fiscal interventions to stabilize economic conditions.
The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and
results of the Company for future periods.
As at May 19, 2020, the Company has arranged for a limited deferral of mortgage payments of $51,000 and has provided rental relief to tenants totaling $28,750 in exchange for an extension of lease, and rent deferral to tenants totaling $17,600. The Company has not experienced a material loss in rental revenue or cash from operations.
Tempus is a real estate operating company engaged in the acquisition, development and ownership of income producing properties in Canada with a focus on strip shopping centres, storefront retail and mixed residential and commercial properties. Tempus is listed on the Canadian Securities exchange under the trading symbol TEMP.
On behalf of the board of directors
Tempus Capital Inc.
President and CEO
This press release may contain certain forward-looking statements, which reflect Management’s expectations regarding future transactions which constitute forward-looking statements. Whenever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Tempus cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Tempus assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause Tempus’ actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. No regulator nor any Regulation Services accepts responsibility for the adequacy or accuracy of this press release. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.