Lendified Announces Repayment of Credit Facility
Toronto, Ontario--(Newsfile Corp. - June 23, 2021) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the "Company" or "Lendified") is pleased to announce that it has repaid in full its obligations under the credit facility previously provided by Home Trust Company ("HTC"). The repayment of this loan obligation was paid from proceeds of the Company's cash and an increased loan facility by Firepower Capital. Interest and fees incurred by Lendified over the previous 12 months attributable to the HTC credit facility exceeded $700,000. Accordingly, the retirement of this obligation will be a significant expense reduction to the Company.
John Gillberry, CEO of Lendified, said, "paying out Home Trust Company was a strategic objective from the very beginning of the restructuring process that we started in November 2020. This is a big milestone in our restructuring efforts and the continued support of Firepower Capital has played a significant role in this successful turn around."
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:
John Gillberry, Chief Executive Officer and Director
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.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. 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 the repayment of the HTC credit facility, 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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