TORONTO, ONTARIO–(Marketwired – July 28, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES.
Automotive Finco Corp. (TSX VENTURE:AFCC) (the “Company”) today announced that it has filed condensed interim consolidated financial statements for the three months ended May 31, 2017. The statements together with the Management Discussion and Analysis can be found on SEDAR at www.sedar.com.
This quarter represents the Company’s initial financial statements that reflect its change of business to a specialty finance company focused on the auto retail sector.
Since its change of business was implemented in March of this year, the Company has:
- Initiated a monthly dividend
- Allocated a total of approximately $76,000,000 year to date to grow its loan portfolio through Automotive Finance LP
- Completed, through Automotive Finance LP, a further three loan investments in addition to its initial loan investment
- Increased its monthly dividend to its current level of $0.0171 / share which translates to $0.205 / share per annum
The Company is focused on continuing to execute its business plan with a focus on maximizing shareholder value.
About Automotive Finco Corp.
Automotive Finco Corp (“AFCC”) is a high growth specialty finance company focused exclusively on the auto retail sector. Through its investment in Automotive Finance LP, the Company has exposure to a business providing long term, debt based acquisition financing to auto dealerships across the globe, with an initial focus on Canada. In addition to its interest in Automotive Finance LP, AFCC may also pursue other direct investments and financing opportunities across the auto retail sector. For further information please refer to the Company’s website: www.autofincocorp.com.
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.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in AFCC’s disclosure documents on the SEDAR website at www.sedar.com. AFCC does not undertake to update any forward looking information except in accordance with applicable securities laws.
