Cliffside https://www.cliffsidecapital.ca Cliffside Capital Canada Thu, 14 Mar 2019 18:17:23 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Cliffside Capital Ltd. Announces Rights Offering https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-rights-offering/ Thu, 07 Feb 2019 19:35:43 +0000 https://www.cliffsidecapital.ca/?p=785 February 7th, 2019

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//NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.//

 

CLIFFSIDE ANNOUNCES RIGHTS OFFERING

 

 TORONTO, February 7, 2019. Cliffside Capital Ltd. (“Cliffside” or the “Company”) (TSXV:CEP) is pleased to announce that it will be offering rights (the “Rights Offering”) to holders of its common shares (the “Common Shares”) of record at the close of business on February 20, 2019 (the “Record Date”), on the basis of one Right for each Common Share held. Every three Rights will entitle the holder thereof to subscribe for one Common Share upon payment of the subscription price of $0.165 per Common Share until 4:00 p.m. (Toronto time) on March 21, 2019 (the “Expiry Date”).

The Rights Offering will be conducted only in the provinces and territories of Canada (the “Eligible Jurisdictions”). Accordingly, Rights will not be delivered to, nor will they be exercisable by, persons resident outside the Eligible Jurisdictions unless they submit appropriate documentation to the Company confirming that the exercise of their Rights complies with the applicable laws in their jurisdiction, subject to the detailed provisions of Cliffside’s rights offering circular in respect of the Rights Offering (the “Circular”). Shareholders who fully exercise their Rights will be entitled to subscribe for additional Common Shares, if available, that were not subscribed for by other holders of Rights prior to the Expiry Date. The Rights will be listed for trading on the TSX Venture Exchange under the trading symbol “CEP.RT” until 12:00 p.m. (Toronto time) on the Expiry Date.

The Rights Offering is not subject to any minimum subscription level. If the Rights Offering is fully subscribed, Cliffside will issue up to 18,691,667 new common shares for total gross proceeds of $3,084,125. There are currently 56,075,000 common shares issued and outstanding. If all Rights are exercised, the Company’s issued and outstanding shares will increase to 74,766,667. The net proceeds from the Rights Offering, after deducting estimated expenses of the Rights Offering, will be used to further invest in Cliffside’s non-prime automobile financing strategic partnerships.

The Company understands that all the directors and officers of the Company who own Common Shares intend to exercise their Rights to purchase common shares under the Rights Offering.

In connection with the Rights Offering, the Company has entered into a stand-by purchase agreement (the “Stand-By Agreement”) with certain insiders and other persons (the “Stand-By Purchasers”) who together currently own, directly or indirectly, or exercise control or direction over, approximately 40% of Cliffside’s Common Shares. Under the Stand-By Agreement, the Stand-By Purchasers have agreed to subscribe for, and the Company has agreed to issue, all of the Common Shares offered under the Rights Offering that are not otherwise purchased by shareholders. The Stand-By Agreement was approved by the independent directors of the Company. There is no fee payable by the Company to the Stand-By Purchasers in respect of the Stand-By Agreement. As consideration for acting as Stand-By Purchasers, the Company will issue non-transferable bonus warrants to the Stand-By Purchasers entitling them to purchase, in aggregate, 20% of the total number of Common Shares agreed to acquire by the Stand-By Purchasers, excluding their basic and additional subscription privileges. The bonus warrants can be exercised at a price of $0.22 per Common Share for 3 years after the date on which performance by the Stand-By Purchasers could be required.

Complete details of the Rights Offering will be set out in the Circular and the rights offering notice (the “Notice”), which will be available under the Company’s profile at www.sedar.com. The Notice and accompanying rights certificate (the “Rights Certificate”) will be mailed to each registered shareholder (the “Registered Shareholder”) resident in the Eligible Jurisdiction as at the Record Date. Registered Shareholders who wish to exercise their Rights must complete and forward the Rights Certificate, together with applicable funds, to Computershare Investor Services Inc., the depositary for the Rights Offering, on or before the Expiry Date. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in the United States or in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such province, state or jurisdiction. The securities referenced herein may not be offered or sold in the United States except in transaction exempt from or not subject to the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

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:
Steve Malone, CEO
(647) 260-4982
smalone@cliffsidecapital.ca

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Cliffside Capital Ltd. Reports Growth in Assets and Net Financial Revenue in Third Quarter of 2018 https://www.cliffsidecapital.ca/cliffside-capital-ltd-press-release-q3-2018/ Tue, 20 Nov 2018 19:08:08 +0000 https://www.cliffsidecapital.ca/?p=775 November 20, 2018

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CLIFFSIDE CAPITAL LTD. REPORTS GROWTH IN ASSETS AND NET FINANCIAL REVENUE IN THIRD QUARTER OF 2018

 

TORONTO, November 20, 2018 – Cliffside Capital Ltd. (“Cliffside”) (TSXV:CEP) is pleased to report results for the third quarter ended September 30, 2018.

In the third quarter of 2018, Cliffside acquired $29 million in automobile loans resulting in growth in total assets of 26% from June 30, 2018. To date, Cliffside has acquired over $130 million in automobile loans, of which, $106 million is outstanding as of September 30, 2018.

Cliffside generated $2.4 million in net interest income during the third quarter of 2018 which is 33% higher than net interest income generated in the preceding quarter. Similarly, Cliffside earned net financial revenue before credit losses of $1.2 million during the third quarter of 2018, bringing total net financial revenue before credit losses to $3.7 million for the nine months ended September 30, 2018.

Cliffside reported net losses after taxes of $0.5 million and $0.4 million for the three and nine months ended September 30, 2018, respectively. The net losses were primarily a result of higher provision for credit losses due to the new IFRS 9 provisioning standards adopted by Cliffside on January 1, 2018 which require earlier recognition of future credit losses on otherwise performing receivables. The provision for credit losses included in the reported net losses during this same period was $1.8 million and $3.8 million respectively, of which, $1.1 million and $2 million, respectively, is the incremental provision for future credit losses over actual losses incurred.

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 financial results can be found at www.cliffsidecapital.ca.

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

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Cliffside Capital Ltd. Reports Growth in Assets in Second Quarter of 2018 https://www.cliffsidecapital.ca/cliffside-capital-ltd-reports-growth-in-assets-in-second-quarter-of-2018/ Wed, 22 Aug 2018 14:48:38 +0000 https://www.cliffsidecapital.ca/?p=751 August 22, 2018

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//NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.//

 

CLIFFSIDE CAPITAL LTD. REPORTS GROWTH IN ASSETS IN SECOND QUARTER OF 2018

 

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

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Cliffside Capital Ltd. Announces Stock Option Grant https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-stock-option-grant/ Thu, 21 Jun 2018 14:43:56 +0000 https://www.cliffsidecapital.ca/?p=749 June 21, 2018

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//NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.//

 

FOR IMMEDIATE RELEASE

 

CLIFFSIDE CAPITAL LTD. ANNOUNCES STOCK OPTION GRANT

June 21, 2018 – Cliffside Capital Ltd. (the “Company”) (TSXV:CEP) has approved a stock option grant of an aggregate of 1,700,000 stock options to certain officers, directors and management company employees of the Company.  Each of the options have an exercise price of $0.20, equal to the volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange for the five (5) trading days immediately preceding the date of the grant, and with a five-year term. 800,000 of the options granted vest immediately, with the remaining 900,000 vesting in equal amounts over the next three years. All the options are granted and shall be governed in accordance with the terms of the Company’s stock option plan.

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.

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.

For more information, please contact:

Yazdi Bharucha, CFO
T: (647) 226-4894
E: ybharucha@cliffsidecapital.ca

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Cliffside Capital Ltd. Announces Results of Annual and Special Meeting of Shareholders https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-results-of-annual-and-special-meeting-of-shareholders/ Tue, 22 May 2018 14:15:46 +0000 https://www.cliffsidecapital.ca/?p=743 May 22nd, 2018

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CLIFFSIDE CAPITAL LTD. ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

 

TORONTO, Ontario, May 22, 2018 /CNW/ – Cliffside Capital Ltd. (TSXV: CEP) (“Cliffside” or the “Corporation”) is pleased to announce that the nominees listed in the management proxy circular (the “Circular”) for the 2018 Annual and Special Meeting of shareholders (the “Meeting”) held today in Toronto were elected as directors of the Corporation.

 

Detailed results of the votes by proxy for the election of directors held at the Meeting are set out below.

 

Nominee Votes For % For Votes Withheld % Withheld
Stephen R. Malone 20,947,250 96.22% 823,311 3.78%
Maurice Kagan 21,770,561 100% 0 0%
Mark H. Newman 20,947,250 96.22% 823,311 3.78%
Keith L. Ray 21,770,561 100% 0 0%
Michael Stein 20,947,250 96.22% 823,311 3.78%

 

At the Meeting, the shareholders of the Corporation also (i) approved the re-appointment of PricewaterhouseCoopers LLP as auditors of the Corporation and authorized the board of directors of the Corporation to fix their remuneration, with 100% of the votes in favour; and (ii) approved and ratified the Corporation’s existing amended and restated stock option plan, with 100% of the votes in favour.

 

About Cliffside

Cliffside is focused on investing in strategic partnerships with third 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 dividend 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

 

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Cliffside Capital Ltd. Reports Strong Net Income in First Quarter of 2018 https://www.cliffsidecapital.ca/cliffside-capital-ltd-reports-strong-net-income-in-first-quarter-of-2018/ Fri, 18 May 2018 20:39:42 +0000 https://www.cliffsidecapital.ca/?p=686 May 18, 2018

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CLIFFSIDE CAPITAL LTD. REPORTS STRONG NET INCOME IN FIRST QUARTER OF 2018

 

TORONTO, May 18, 2018 – Cliffside Capital Ltd. (“Cliffside”) (TSXV:CEP) is pleased to report results for the first quarter ended March 31, 2018.
In the first quarter of 2018, Cliffside acquired automobile loans with principal outstanding of $13 million resulting in growth in consolidated assets of 11% from December 31, 2017 to March 31, 2018.
Cliffside reported net income before taxes of $667,750 for the three months ended March 31, 2018, up from net loss before taxes of $342,903 for the three months ended March 31, 2017. The increase of $1 million in net income before taxes is primarily a result of a $795,332 one-time gain on re-measurement of the deferred purchase price payable, as well as higher net financial income driven by growth in assets.
The one-time gain of $795,332 resulted from negotiating new terms for the continued acquisition of loans. The new terms change the deferred purchase price for the loans by reducing the fixed monthly percentage and introducing a new contingent component of the deferred purchase price which is linked to future net income and is payable annually.
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.
Further information on Cliffside’s March 31, 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

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Cliffside Capital Ltd. Announces Renegotiation of Loan Acquisition Agreements With its Originator https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-renegotiation-of-loan-acquisition-agreements-with-its-originator/ Fri, 11 May 2018 20:35:33 +0000 https://www.cliffsidecapital.ca/?p=666 May 11, 2018

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CLIFFSIDE CAPITAL LTD. ANNOUNCES RENEGOTIATION OF LOAN ACQUISITION AGREEMENTS WITH ITS ORIGINATOR

 

TORONTO, May 11, 2018 – Cliffside Capital Ltd. (“Cliffside“) (TSXV:CEP) is pleased to announce that the limited partnerships which Cliffside consolidates into its financial results have negotiated new terms with CanCap Management Inc. (“CCMI”) for the on-going acquisition of fully serviced automobile loans. The partnerships have been acquiring loans from CCMI since 2016. The new terms change the deferred purchase price for the loans by reducing the fixed monthly percentage payable to CCMI and introducing a new contingent component of the deferred purchase price which is linked to the future net income generated by the partnerships and is payable annually. The new terms apply to all of the loans owned by the partnerships as of January 1, 2018, as well as all loans acquired going forward. The new terms better align the price the partnerships pay with the future profitability of the fully serviced loans.

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, 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.

For further information, contact:

Yazdi Bharucha, CFO
Phone: (647) 226-4894
Email: ybharucha@cliffsidecapital.ca

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Cliffside Capital Ltd. Announces Financial Results for the Year Ended December 31, 2017 and CEO Transition https://www.cliffsidecapital.ca/675-2/ Wed, 18 Apr 2018 16:47:18 +0000 https://www.cliffsidecapital.ca/?p=675 April 18, 2018

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//NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.//

 

//FOR IMMEDIATE RELEASE//

 

Cliffside Capital Ltd. Announces Financial Results for the Year Ended December 31, 2017 and CEO Transition

 

TORONTO, April 18, 2018 – Cliffside Capital Ltd. (“Cliffside”) (TSXV:CEP) today announced financial results for its fiscal year ended December 31, 2017.
In the fourth quarter of 2017, Cliffside’s total assets grew by 13% over the third quarter of 2017 to $66 million. Cliffside’s total income for the fourth quarter was $1.5 million, bringing year-to-date total income to $3.2 million. Cliffside’s year-to-date net income before write-off and taxes is $63,783. The write-off occurred in the first quarter and related to transaction costs of $376,197 for Cliffside’s Qualifying Transaction. After taxes, this one-time write-off, and non-controlling interest, Cliffside recorded a net loss for the quarter of $18,925, bringing total net loss attributable to shareholders to $357,198 for the year ended December 31, 2017. As Cliffside commenced consolidating its results in the first quarter of 2017, there is no relevant comparative information for prior year.

To date Cliffside has invested $3.9 million in two limited partnerships, each of which invests in fully serviced non-prime automobile loans through funding facilities with institutional lenders. Since inception, the partnerships have acquired over 3,000 retail sales contracts with principal outstanding at time of acquisition of $65 million. 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.

Cliffside is pleased to announce the appointment of Steve Malone as Chief Executive Officer effective as of May 22, 2018, the date of Cliffside’s annual general meeting of shareholders (“AGM”). Mr. Malone will replace Fern Glowinsky, who has resigned as Chief Executive Officer effective as of May 22, 2018. Ms. Glowinsky will not be standing for re-election to the Board of Directors, and Mr. Malone will be nominated for election as a director at the AGM.
“The Board of Directors would like to express its sincere appreciation for the contributions made by Ms. Glowinsky during her tenure as Chief Executive Officer and director of Cliffside”, said Michael Stein, Chairman of Cliffside’s Board of Directors.

Mr. Malone is a seasoned financial services executive, having spent most of his career in the consumer finance space. Mr. Malone spent 15 years with Wells Fargo Financial Corporation Canada in various leadership roles, including Officer and Vice President Credit Operations. Subsequently, Mr. Malone spent 3 years with D+H Corporation and he is currently President and Chief Operating Officer of CanCap Management Inc., a technology driven finance company, focused in the automotive, consumer loan and credit card sector. CanCap Management Inc. is indirectly controlled by the Chairman of Cliffside. Mr. Malone earned a Business degree at the University of New Brunswick, is active in foster parenting, and serves on the Board of Directors for Toronto Children’s Aid Society.
“We are delighted that Steve has accepted the position as CEO of Cliffside. His proven expertise in the Canadian financial services marketplace will significantly enhance Cliffside’s ability to continue to accelerate its profitable growth objectives” said Michael Stein, Chairman of Cliffside’s Board of Directors.
“Joining Cliffside as CEO presents an exciting opportunity to continue building on the platform Ms. Glowinsky has put in place and to deliver on the increasing market demands in the consumer and commercial lending marketplace.” commented Mr. Malone.

Mr. Malone will also be joining LC Asset Management Corporation as CEO as of the date of the AGM. LC Asset Management Corporation is the external asset management company of Cliffside.
Cliffside will be holding its AGM on May 22, 2018 at 10:00am in Toronto, Ontario. For more information, please see Cliffside’s management information circular dated April 18, 2018 filed on SEDAR at www.sedar.com.
Mr. Malone’s appointment as CEO and election as director of Cliffside is subject to review and approval by the TSX Venture Exchange.
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 press release.

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 Cliffside’s business and operations. 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; delay or failure to receive board, shareholder or regulatory approvals; 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.
For further information contact:

Yazdi Bharucha, CFO
Phone: (647) 226-4894
Email: ybharucha@cliffsidecapital.ca

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Cliffside Capital Ltd. Announces $50 Million Funding Facility Renewal https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-50-million-funding-facility-renewal/ Fri, 09 Feb 2018 19:15:16 +0000 https://www.cliffsidecapital.ca/?p=650 February 9, 2018

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//NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.//

 

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.

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, 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
Email: ybharucha@cliffsidecapital.ca

The post Cliffside Capital Ltd. Announces $50 Million Funding Facility Renewal appeared first on Cliffside.

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Cliffside Capital Ltd. Reports Continued Growth in Assets and Income in Third Quarter of 2017 https://www.cliffsidecapital.ca/press-release-4/ Fri, 17 Nov 2017 18:21:55 +0000 http://www.cliffsidecapital.ca/cliffside/?p=162 Nov. 17, 2017

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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./

Cliffside Capital Ltd. Reports Continued Growth in Assets and Income in Third Quarter of 2017

TORONTONov. 17, 2017 /CNW/ – Cliffside Capital Ltd. (“Cliffside“) (TSXV:CEP) is pleased to report results for the third quarter ended September 30, 2017.

In the third quarter of 2017, Cliffside’s total assets grew by 20% over the second quarter of 2017 to $58.5 million. Cliffside’s total income for the third quarter was $1.0 million, up from $0.5 million earned in the second quarter of 2017, bringing year-to-date total income to $1.8 million. Cliffside’s year-to-date net income before write-off and taxes is $54,700. The write-off occurred in the first quarter and related to transaction costs of $376,197 for Cliffside’s Qualifying Transaction. After taxes, a one-time write-off, and non-controlling interest, Cliffside recorded a net loss for the quarter of $7,505, compared to a net loss of $47,983 in the second quarter of 2017. As Cliffside commenced consolidating its results in the first quarter of 2017, there is no relevant comparative information for prior year.

To date Cliffside has invested $3.9 million in two limited partnerships, each of which invests in fully serviced non-prime automobile loans through funding facilities with institutional lenders. The partnerships have utilized $63 million of their combined $100 million in available long-term funding to grow their loan portfolios. 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 September 30, 2017 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.

SOURCE Cliffside Capital Ltd.

For further information: Yazdi Bharucha, CFO, (647) 226-4894, ybharucha@cliffsidecapital.ca

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