RIFCO PROVIDES A CORPORATE UPDATE
RED DEER, ALBERTA – (Newsfile Corp. – October 13, 2020) – Rifco Inc. (TSXV: RFC) (“Rifco” or the “Company“) would like to provide the following information as a form of corporate update.
Recent investments and significant efforts are resulting in meaningful improvements in shareholder value – including a return to meaningful profitability.
The operational improvements that the Company continues to pursue are supported by an extraordinarily strong financial position:
* As a reminder, each annual period, upon successful renewal, a new allotment is provided from two of our securitizers while the other is a revolving facility.
Data and Analytics
Since the 2018 Annual Shareholders meeting, when the company announced that it was refocusing its priorities to data and analytics, considerable progress has been made in developing advanced decision making and automation. Rifco’s industry leading achievements in advanced decision making and loan applications processing automation provides for competitive advantages.
Further development initiatives are on the roadmap for the coming quarters.
Rifco’s initiatives in dealing with the economic shock of COVID-19 has produced excellent results.
Operational excellence, a strong balance sheet and ample committed funding relationships put the company in a superior position to examine a range of important strategic opportunities:
The Board and Management are focused on growth, profitability, and high returns. Now, more than ever, we are ready and capable to deliver with a tested and proven platform.
About Rifco Inc.
Rifco Inc. is focused on being the best alternative auto finance company through its wholly owned subsidiary Rifco National Auto Finance Corporation. Our mission is to help deserving Canadians own automobiles.
Rifco seeks to create sustainable long-term competitive advantages through personalized partnerships with dealers, innovative products, the use of industry-leading data and analytics, and leading collections practices. Rifco’s corporate culture fosters employees that are highly engaged innovative and performance driven.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol “RFC”. There are 21.60 million shares (basic) outstanding and 23.17 million (fully diluted) shares.
Caution Regarding Forward-Looking Information
This press release may contain forward-looking statements with respect to the Company, its products and operations. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the future plans of Rifco.
Although the forward-looking statements contained in this news release are based upon factors and assumptions which management of the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, the purported termination of the Arrangement Agreement, future impacts of the pandemic on the Company’s business, competition, changes in government regulations, and the factors described under “Risk Factors” in the Management’s Discussion and Analysis of the Company and the Circular, both of which are incorporated by reference herein and are available at www.sedar.com.
The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements other than in accordance with applicable securities laws.
Neither TSX Venture Exchange 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.
All trade names are the property of their respective owners.
Warren Van Orman
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 Ext 7007