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.
Cliffside Capital Ltd. Reports Continued Growth in Assets and Income in Third Quarter of 2017
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
TORONTO, Nov. 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.
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.
CONTACT: Yazdi Bharucha, CFO, (647) 226-4894, email@example.com