Grandfield Pacific Inc. Releases First Quarter Financial Results

VANCOUVER, Sept. 29, 2016 /CNW/ - Grandfield Pacific Inc. (the "Company") today released its financial results for the first quarter ended July 31, 2016.

For the Quarter Ended July 31, 2016

Net loss for the three-month period ended July 31, 2016, was $44,711, as compared to a net loss from the same quarter ending in 2015 of $8,996. 

Administrative expenses increased $33,687 to a total of $45,750 for the quarter ended July 31, 2016, compared to the same period ended July 31, 2015 of a total of $12,063.  The increase in administrative expenses is related to an increase in wages of $7,000 and legal fees of $17,000 both in relation to the redemption of the preference shares and services related to the purchase of shares in the Company by an outside investor.  In addition, director fees of $10,000 were paid to the directors for their services (2015 – nil). 

Summary of First Quarter Results	July 31, 2016 ($)	July 31, 2015 ($)
Total Revenue^(1)	1,039	3,067
Net Income (loss)	(44,711)	(8,996)
Income (loss) per Share, Basic and Diluted	(0.01)/(0.01)	(0.00)/(0.00)

⁽¹⁾ Total revenue includes interest and other income.

This financial information has been taken from financial reports prepared in accordance with International Financial Reporting Standards.  These reports are available on SEDAR at www.sedar.com under the Company's profile.

As in previous periods, the Company did not have an active business and its source of revenue was limited to the interest earned on the investment of excess cash.  The Company is currently evaluating potential business opportunities in the life sciences sector.

ON BEHALF OF THE BOARD OF DIRECTORS

Brett Walker
President and Chief Executive Officer

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's future business plans.  Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans", "anticipates", "believes", "intends" and similar expressions or are those statements, which, by their nature, refer to future events.  The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties.  Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the possibility that the Company will not be able to find a suitable business opportunity and will therefore need to windup its operation and the ability of the Company to secure the financing required to conduct its operations, as well as those risks identified in the Company's filings with the Canadian securities regulators, which may be viewed at www.sedar.com.  Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.  The forward-looking statements included in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

SOURCE Grandfield Pacific Inc.

please contact: Brett Walker, President and Chief Executive Officer, [phone]