Lendified Reports Third Quarter Results
Toronto, Ontario--(Newsfile Corp. - November 29, 2021) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the "Company" or "Lendified") is pleased to announce its financial results for the third quarter ended September 30, 2021. The Company's interim financial statements for the three and nine months ended September 30, 2021 and the related management discussion and analysis can be found under the Company's profile on www.sedar.com.
Third Quarter 2021 Financial Highlights
- On July 14, 2021, the Company announced closing of the second and final tranche of its private placement bringing the total size of the private placement to 36,750,000 Subscription Receipts for aggregate gross proceeds of $1,837,500. The offering was subject to escrow release conditions that were satisfied on August 6, 2021. The proceeds will allow the company to continue to strategically position itself in the market and to fund key working capital needs.
- On July 30, 2021 the Company completed its shares for debt transaction in which an aggregate $10,618,310 of outstanding indebtedness was settled for 212,366,210 common shares of the Company at a price of $0.05 per share. The debt settlement marks a major milestone in the Company's capital and financial restructuring efforts.
- On July 30, 2021, the Company entered into a two-year credit agreement with Windsor Private Capital Limited Partnership and Evergreen Gap Debt GP Inc for a new credit facility of $10,000,000. The new credit facility positions the Company to continue to originate new loans and respond to demand from businesses for funding.
- On July 30, 2021 the Company entered into a Standstill Agreement for existing debt obligations with its secured lenders. The Agreement subject to certain terms and conditions provides that the secured lenders will not initiate any enforcement action on existing defaults during the standstill period ending on August 1, 2023.
- The Company attained positive earnings for the three months ended September 30, 2021 of $1.47 million in comparison to -$0.51 million during the same period in prior year. For the nine months ended September 30, 2021 the Company attained positive earnings of $1.34 million in comparison to -$7.74 million during the same period in prior year.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian company operating a lending platform which provides working capital loans to small and medium-sized businesses across Canada.
For further information regarding Lendified, please contact:
Eoghan Bergin, Chief Executive Officer and Director
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including, but not limited to, whether the effects of the COVID-19 pandemic will be even more severe than it has been to date, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company, there can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
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