Le Lézard
Classified in: Business
Subjects: CON, PER

Crossroads Systems, Inc. Announces Strategic Relationship with Enhanced Capital Group; Appoints Thiruvendran "Thiru" Vignarajah as New CEO of Subsidiary Capital Plus Financial


BEDFORD, Texas, Sept. 14, 2021 /PRNewswire/ -- Today, Crossroads Systems, Inc. (OTCQX: CRSS), the parent company of Capital Plus Financial ("CPF"), an innovative Community Development Financial Institution (CDFI) and Certified B Corporation, announced it signed an advisory agreement with Enhanced Capital Group, LLC ("ECG"), an investment firm committed to socially responsible investment initiatives and impact manager of P10 Holdings, Inc ("P10") (OTC: PIOE), a leading, specialized multi-asset class private markets solutions provider.

Crossroads Systems, Inc.

The advisory agreement will immediately expand CPF's credit assets and is expected to infuse more than $250 million into emerging communities across the country over the next 12 to 18 months by leveraging ECG's deep experience investing in small businesses and projects that spur job creation; promote environmental sustainability; support women, minority and veteran-owned enterprises; and stimulate underserved communities. The agreement allows for significant loan growth to be booked on CPF's balance sheet and in return, ECG will receive a management and incentive fee. The company targets ECG-originated assets, in aggregate and with proper financing in place, to yield in excess of 20% return on equity for Crossroads, while dramatically expanding its impact footprint. Additional details will be provided at a later date.

"Through this agreement with ECG, CPF has become one of the most impactful CDFI's to combat inequities in the financial system," said Eric Donnelly, Chief Executive Officer of Crossroads Systems. "We are committed to creating economic opportunity for minority individuals and small businesses in communities that are disenfranchised, underserved, underbanked and underfunded, and we believe the union with ECG will make an immediate impact on small business lending."

"Our mission dovetails with CPF's goal of expanding access to capital in underserved communities and to diverse borrowers," said Michael Korengold, President and CEO at ECG. "Through this agreement, the hope is to inspire community development through impact loans that support underserved communities with a focus on minority-,women-, and veteran-owned businesses as well as businesses that promote environmental sustainability."

ECG's 20 years of experience distributing capital to minority-, female-, and veteran-owned businesses, renewable energy projects, real estate lending and affordable housing projects will enable CPF to expand on its work of providing fully restored housing to low- and moderate-income families.

CPF also named Thiruvendran "Thiru"  Vignarajah as its new CEO. Vignarajah is the former deputy attorney general for the state of Maryland and a former partner at DLA Piper in Baltimore, a global law firm. Former CPF CEO Eric Donnelly will remain CEO of Crossroads Systems, Inc. and will continue to be actively involved in scaling the enterprise.

About Capital Plus Financial:
Crossroads Systems, Inc. (OTCQX: CRSS), is a holding company focused on investing in businesses that promote economic vitality and community development. Crossroads' subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and Certified B-Corp which supports Hispanic homeownership with a long-term, fixed-rate single-family mortgage product.

About Enhanced Capital Group, LLC:
Enhanced Capital Group, LLC is a leader in unlocking value for private investors seeking returns through socially responsible investment initiatives. At the forefront of aligning private sector resources with public policy goals, we transform local economies to the benefit of both investors and community stakeholders through investing in Small Businesses, Renewable Energy and Climate investments, and Impact Real Estate.

For information, contact:
Andy Boian
dovetail solutionstm
303.868.0085 
aboian@dovetailsolutions.com

SOURCE Crossroads Systems; Capital Plus Financial


These press releases may also interest you

at 14:33
Reko International Group Inc. today announced results for its first quarter ended October 31, 2021. Financial Highlights: (in 000's, except for per share data) Three Months (unaudited)   Fiscal   Fiscal 2022 2021 Sales $12,106 $6,844 Net income 493...

at 14:32
Ikänik Farms, Inc. (the "Company" or "Ikänik Farms") is pleased to announce that Firehouse Holdings Inc. ("Firehouse"), a wholly-owned subsidiary of the Company, has entered into a definitive agreement (the "Agreement") to sell all of the issued...

at 14:31
The following issues have been halted by IIROC: Company: RSI International Systems Inc. TSX-Venture Symbol: RSY.H All Issues: No Reason: At the Request of the Company Pending News Halt Time (ET): 2:22 PM IIROC can make a decision to impose a...

at 14:30
Houston-based Natural Language Processing (NLP) technology firm Melax Tech announced today that it has joined in a sponsorship arrangement with Cambridge, Massachusetts-based BioSpark Group. BioSpark, a non-profit organization, is focused on...

at 14:30
The Trade Group, an award-winning event marketing and creative design firm, is pleased to announce that its client RentPath was recently honored with a 2021 American Graphic Design Award (GDUSA) in the category of Environmental Graphics and Exhibits....

at 14:25
In a new stage of its mission to democratize financial...



News published on 14 september 2021 at 07:45 and distributed by: