Grandfield Releases Annual and Fourth Quarter 2016 Financial Results

VANCOUVER, Aug. 24, 2016 /CNW/ - Grandfield Pacific Inc. (the "Company") today released its financial results for the fourth quarter and the year ended April 30, 2016.

For the Year Ended April 30, 2016

The net loss for the year ended April 30, 2016, was $76,219 as compared to a net loss for the previous year of $60,228.

Summary of Annual Results	April 30, 2016 ($)	April 30, 2015 ($)
Total Revenue^(1)	7,836	8,789
Net Income (loss)	(76,219)	(60,228)
Income (loss) per Share, Basic and Diluted	(0.01)/(0.01)	(0.01)/(0.01)
Total Assets	974,861	1,053,033
^(1)Total revenue includes management fees, interest and other income.

For the Quarter Ended April 30, 2016

Net loss for the three-month period ended April 30, 2016, was $13,385 as compared to a net loss from the same quarter ending in 2015 of $10,051.

Summary of Fourth Quarter Results	April 30, 2016 ($)	April 30, 2015 ($)
Total Revenue^(1)	1,457	1,200
Net Income (loss)	(13,385)	(10,051)
Income (loss) per Share, Basic and Diluted	(0.00)/(0.00)	(0.00)/(0.00)
^(1)Total revenue includes management fees, 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 years, 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
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.

Brett Walker, President and Chief Executive Officer, [phone]