Le Lézard
Classified in: Business
Subject: ERN


TORONTO, Nov. 28, 2023 /CNW/ - Cliffside Capital Ltd. ("Cliffside" or the "Company") (TSXV: CEP) is pleased to announce financial results for the third quarter of 2023. The Company reported the following for the nine months ended September 30, 2023:

The acquisition of finance receivables slowed in the fourth quarter of 2022 and subsequently paused in 2023 as the Company continued to assess macroeconomic conditions and undergo a strategic review by a special committee (the "Independent Committee"). The pause in acquisitions resulted in a 30.5% decline in gross finance receivables to $134.7 million and a corresponding 32.3% decline in the securitization and subordinated debt to $121.7 million compared to the same period in the prior year.

The Independent Committee, comprised of independent members of the Board of Directors of the Company, with the assistance of outside financial and legal advisors is continuing to explore strategic alternatives for the Company. The Company does not intend to comment further until it determines that additional disclosure is appropriate in the circumstances and in accordance with applicable securities laws.

Further information on Cliffside's financial results can be found at www.cliffsidecapital.ca, and a copy of the condensed consolidated financial statements for the quarter ended September 30, 2023, prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS), including International Accounting Standard 34, Interim Financial Reporting, and the corresponding management's discussion and analysis will be available under the Company's profile on www.sedar.com.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside's strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside's filings on SEDAR at www.sedar.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward- looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside and the ability of the Independent Committee to successfully complete a Potential Strategic Transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; the availability of appropriate finance receivables that may be purchased by the Company's limited partnerships under existing funding facilities; and volatility of common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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.

SOURCE Cliffside Capital Ltd.

These press releases may also interest you

at 14:37
In terms of growth and expansion, 2023 was a noteworthy year for Nextuple, a pioneer in transforming retail and grocery fulfillment. The company announced today key metrics that support its strong performance in the enterprise order management...

at 14:37
The following issues have been halted by CIRO Company: Fobi AI Inc. TSX-Venture Symbol: FOBI All Issues: Yes Reason: Pending Clarification of News Halt Time (ET): 2:29 PM CIRO can make a decision to impose a temporary suspension (halt) of trading in...

at 14:33
On February 29, movie lovers can celebrate their favorite theatre experiences with movie merch available through the new Regal Store. With a continuously expanding range of products, Regal's online outlet for blockbuster items features iconic...

at 14:28
Top real estate agent Damian Archbold has joined Golden Gate Sotheby's International Realty in its Wine Country region, a move that pairs one of the premier real estate advisors in Wine Country's Napa Valley region with the most distinguished global...

at 14:26
The new model home park at Meyer Ranch in New Braunfels is officially open, marking a significant milestone for the vibrant community. To celebrate, a grand opening event will be held on Thursday, March 21, from 11 a.m. to 2 p.m., revealing eight new...

at 14:23
A new report by Troutman Pepper spotlights nearly 100 impactful court decisions from the past year in the directors and officers and professional liability insurance arenas. Released today, the D&O and Professional Liability 2023 Year in...

News published on and distributed by: