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CLIFFSIDE CAPITAL LTD. ANNOUNCES $50 MILLION FUNDING FACILITY RENEWAL
TORONTO, February 9, 2018 – Cliffside Capital Ltd. (“Cliffside“) (TSXV:CEP) is pleased to announce the renewal of a funding facility with a Canadian Schedule 1 Bank for one of its limited partnerships. The renewal provides the partnership with $50 million in long-term funding and $6 million in short-term funding, and demonstrates a strong lender relationship. With the renewal, the partnership will benefit from favourable changes to rates, covenants and reserve levels. Gaining access to additional funding enables the partnership to continue growing its portfolio of fully serviced non-prime automobile loans, and fuels Cliffside’s strategy of building assets under management in the non-prime lending market.
Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, visit www.cliffsidecapital.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside 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 required by law.
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.
For further information, contact:
Yazdi Bharucha, CFO
Phone: (647) 226-4894