Lendified Reports Third Quarter 2020 Financial Results
Toronto, Ontario--(Newsfile Corp. - November 26, 2020) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) ("Lendified" or the "Company") announces it has filed its interim financial report for the three and nine months ended September 30, 2020 (the "Q3 Financial Report") and related management and discussion (the "MD&A"). The Q3 Financial Report and MD&A can be found under the Company's profile on www.SEDAR.com.
- The Company entered into a definitive agreement in respect of the sale of its subsidiary, Lendified Technologies Inc. ("JUDI.AI") and subsequent to the end of the third quarter completed the sale of JUDI.AI, as disclosed in the Company's press release dated October 16, 2020.
- In August, the Company completed a private placement of units of the Company for aggregate gross proceeds of $956,071.
- The Company appointed John Gillberry as the new CEO and a Director of the Company, as well as appointed Guy Charette as Chair of the Board of Directors and Peter Ostapchuk as Chair of the Audit Committee.
- The Company continued to rationalize and restructure operations to position the Company to continue to operate under the unprecedented circumstances of the COVID-19 pandemic, as well as being positioned to take advantage of unique market conditions which should result post-pandemic.
As the COVID-19 pandemic continues to impact the global economy, the Company has continued to take active steps to protect the health and safety of its employees, stakeholders and business. The Company continues to employ proactive measures such as providing for work from home, eliminating travel and closely following the guidelines issued by the applicable health and regulatory authorities. Given the economic effects of COVID-19, the Company has been undertaking reductions in its expenses by reducing staffing, streamlining operations and lowering its marketing and sales expenses, resulting in lower overall operating costs for the Company. During the third quarter, the Company also experienced a reduction of demand for small business loans partially as a result of the loan and subsidy programs introduced by the Canadian Federal Government for small businesses, as well as due to uncertainty in the future of the Canadian economy as a result of the impact of COVID-19.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian FinTech company operating a lending platform which provides working capital loans to small businesses across Canada through a wholly-owned subsidiary.
For further information regarding Lendified, please contact:
John Gillberry, Chief Executive Officer and Director
Neither the TSXVE nor its Regulation Services Provider (as that term is defined in the policies of the TSXVE) 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, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements, including but not limited to, the impacts of general economic conditions, the COVID-19 pandemic and industry conditions. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. 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. 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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