TORONTO, August 22, 2018 – Cliffside Capital Ltd. (“Cliffside”) (TSXV:CEP) is pleased to report results for the second quarter ended June 30, 2018.

In the second quarter of 2018, Cliffside acquired automobile loans with principal outstanding of $21 million resulting in growth in total assets of 21% from March 31, 2018 to June 30, 2018. During the second quarter, one of Cliffside’s consolidated limited partnerships renewed its funding facility with a Canadian Life Insurance Company. The renewal provided the partnership with $50 million in long-term funding and $6 million in short-term funding.

Cliffside reported net loss before taxes of $485,480 for the three months ended June 30, 2018, down from net income before taxes of $32,533 for the three months ended June 30, 2017. The net loss in the second quarter of 2018 was primarily a result of higher provision for credit losses due to the new IFRS provisioning standards adopted by Cliffside on January 1, 2018. The new standards result in the earlier recognition of the allowance for credit losses, which is not indicative of a change in the expected recovery value of the underlying finance receivables, but rather a function of extending the allowance to provide for expected future losses for a period greater than previously provided for.

Cliffside reported net income before taxes of $182,270 for the six months ended June 30, 2018, up from net loss before taxes of $310,370 for the six months ended June 30, 2017.

To date, Cliffside has invested $3.9 million in two limited partnerships, each of which invests in fully serviced non-prime automobile loans which are funded through facilities with institutional lenders. Cliffside is targeting growth in assets under management and growth in returns, while maintaining an acceptable level of credit risk to ultimately deliver attractive yields to shareholders.

Further information on Cliffside’s June 30, 2018 financial results are available on SEDAR at www.sedar.com.

 About Cliffside

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, see Cliffside’s filings on SEDAR at www.sedar.com.

 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
Email: ybharucha@cliffsidecapital.ca