Lendified Reports First Profitable Quarter, Appointment of CEO and Option Grants
Toronto, Ontario--(Newsfile Corp. - August 27, 2021) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the "Company" or "Lendified") is pleased to announce its financial results for the second quarter ended June 30, 2021. The Company's interim financial statements for the three and six months ended June 30, 2021 and the related management discussion and analysis can be found under the Company's profile on www.sedar.com.
Second Quarter 2021 Financial Highlights
- The Company attained positive earnings of $409,072 for the first time for the three months ended June 30, 2021 driven by reductions in operating expenses and recovery of provision for credit losses.
- Operating expenses decreased by 89% to $0.35 million compared to the same quarter in the prior year; the recovery of provision for credit losses amounts to $0.47 million for the quarter.
- The Company continues to streamline its operations and fund new loans with $0.62 million in loans funded in the quarter.
Appointment of CEO
Lendified is also pleased to announce the appointment of Eoghan Bergin as Chief Executive Officer and Director of the Company, effectively immediately. Mr. Bergin will succeed John Gillberry, who will continue as a Director and strategic consultant to the Company. Eoghan Bergin is a long-time employee of Lendified, having joined the company early in its initial growth stage nearly 5 years ago. In that time, he has served as VP of Operations, Head of Sales and Marketing and has been a key part of the development of underwriting practices and processes. With this broad and deep understanding of the company, Mr. Bergin is uniquely positioned to lead Lendified forward.
In addition, Lendified announces that John Gillberry has been appointed Vice-Chair of the Board of Directors of the Company, succeeding Troy Wright who will continue in his role as a Director of the Company. The Board of Directors wishes to thank Mr. Gillberry for his service as Chief Executive Officer and looks forward to his continued contributions as Vice-Chair of the Board of Directors.
Mr. Bergin commented, "I am excited about the opportunity that Lendified has before it. With the improved financial position, the Company is perfectly poised to take advantage of a very large and growing market, especially as the country emerges from pandemic-enforced restrictions. I'd like to thank John and the board for their support and look forward to this new chapter at Lendified."
Mr. Gillberry commented, "this has been a very successful restructuring, and now is the time to turn management over to Eoghan who has been responsible for the growth side of this business for over 5 years. Eoghan is a very strong manager with deep industry knowledge and network. I am looking forward to continuing to work and support Eoghan particularly in matters of Investor Relations and Capital Market strategies."
The Board of Directors of the Company is now comprised of Guy Charette (Chair), John Gillberry (Vice-Chair), Perry Dellelce, Peter Ostapchuk, Troy Wright and Eoghan Bergin. The Audit Committee of the Company is comprised of Peter Ostapchuk (Chair), Guy Charette and Perry Dellelce.
Lendified announces that it has granted an aggregate of 16,500,000 options to purchase common shares of the Company exercisable at a price of $0.05 per common share for a period of five years to certain directors, officers and consultants of the Company. This grant of options is subject to the approval of the TSX Venture Exchange (the "TSXV").
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, Director and Vice-Chair
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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