Founders Advantage Capital Corp. Files Business Acquisition Report for Acquisition of Majority Interest in Dominion Lending Centres
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/17/16 -- Founders Advantage Capital Corp. (TSX VENTURE: FCF) (the "Corporation") announced today that it has filed its Business Acquisition Report ("BAR") in connection with the Corporation''s acquisition of a 60% majority interest in Dominion Lending Centres ("DLC") on June 3, 2016. The BAR is available for review on SEDAR at .
As prescribed by applicable securities laws, the BAR contains audited consolidated financial statements for DLC as at and for the years ended December 31, 2015 and 2014 and the unaudited interim financial statements for DLC as at and for the three months ended March 31, 2016 (as compared to the three-month period ended March 31, 2015). The following table provides a summary of certain financial data for DLC (the following is intended to be a summary only and should be read in conjunction with the complete consolidated financial statements for DLC, along with the notes thereto, which are included in the BAR).
As the DLC transaction was completed on June 3, 2016, the Corporation will be providing consolidated unaudited financial data for the Corporation and DLC for the period ending June 30, 2016 in due course, including management discussion and analysis thereon. However, for the three-month period ended March 31, 2016 (being the financial period immediately prior to the period in which the transaction was completed), the Corporation would like to highlight the following financial highlights relating to DLC:
Stephen Reid, President and Chief Executive Officer of the Corporation, commented: "Our investment in DLC continues to perform as we expected and we look forward to reporting our consolidated results as at June 30, 2016 which will reflect the Corporation''s 60% interest in almost one month of DLC operations."
About Founders Advantage Capital Corp.
The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a passive and permanent investment approach. The Corporation has developed an investment approach to create long-term value for its shareholders and partner entrepreneurs (investees) by pursuing majority interest acquisitions of cash flow positive middle-market privately held entities. The Corporation seeks to win mandates by appealing to the segment of the market which is not aligned with traditional private equity control, royalty monetizations or related structures. The Corporation''s innovative platform offers disproportionate incentives (contractually) for growth in favour of our partner entrepreneurs. This unique platform is designed to appeal to entrepreneurs who believe in the growth of their businesses and who want the added ability to maintain operational control while partnering with a long-term and passive partner.
The Corporation''s common shares are listed on the TSX Venture Exchange under the symbol "FCF".
For further information please refer to the Corporation''s website at .
NEITHER THE 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.
Caution concerning forward-looking information
This news release or documents referred to herein contain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the future performance of DLC, that DLC will receive bonus payments for mortgage volumes in the event mortgage volume targets are achieved and the seasonality of DLC''s operations. These information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terms, and reflect assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and, accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include, general economic, market and business conditions, risks associated with the Canadian housing sector, fluctuations in interest rates, housing demand in the markets in which DLC and its franchisees operate, DLC''s ability to renew and expand upon its franchise arrangements, as well as other risks and uncertainties which are more fully described in our annual and quarterly Management''s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at . The Corporation disclaims any obligation to update or revise any forward-looking information or statements except as may be required by applicable law.
Contacts:
Founders Advantage Capital Corp.
Stephen Reid
Chief Executive Officer
403-455-7350
Founders Advantage Capital Corp.
Darren Prins
Chief Financial Officer
403-455-2274
Founders Advantage Capital Corp.
James Bell
General Counsel
403-455-2218
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Datum: 17.08.2016 - 18:31 Uhr
Sprache: Deutsch
News-ID 1453252
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