Founders Advantage Investee Entity Dominion Lending Centres Sells Non-Core Asset
CALGARY, Alberta, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Founders Advantage Capital Corp. (TSX-V:FCF) (the “Corporation”) is pleased to announce that its investee entity Dominion Lending Centres (“DLC”) has completed a sale of its 20% shareholdings in Canadiana Financial Corp. (“Canadiana”) to an arm’s length purchaser for $2.5 million cash. DLC sought to liquidate its minority interest in Canadiana as Canadiana was not part of DLC’s core mortgage brokerage business.
Gary Mauris, President of DLC commented: “While we believe Canadiana is on track to become a successful non-traditional mortgage lender, we prefer to focus solely on our core mortgage brokerage business and to direct additional capital to acquiring additional mortgage brokers and franchisees.”
The Corporation owns a 60% interest in DLC.
About Founders Advantage Capital Corp.
The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a long-term investment approach. The Corporation has developed an investment approach to create long-term value for its shareholders and partner entrepreneurs (investees) by pursuing controlling interest acquisitions of cash flow positive, premium middle-market privately-held entities. The Corporation seeks to win mandates by appealing to the segment of the market which is not aligned with traditional private equity control, royalty monetizations or related structures. The Corporation's innovative platform offers incentives (contractually) for growth in favour of our partner entrepreneurs. This unique platform is designed to appeal to entrepreneurs who believe in the growth of their businesses and who want the added ability to continue to manage the business with a long-term partner.
The Corporation's common shares are listed on the TSX Venture Exchange under the symbol “FCF”.
For further information please refer to the Corporation's website at www.advantagecapital.ca.
Contact information for the Corporation is as follows:
| Stephen Reid Chief Executive Officer 403-540-5411 sreid@advantagecapital.ca |
James Bell Chief Operating Officer 403-455-2218 jbell@advantagecapital.ca |
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.
