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Company Releases Second Annual Social Impact Report; CEO Eric Donnelly Featured in Silicon Valley Business Journal
DALLAS, Dec. 17, 2020 /PRNewswire/ -- Crossroads Systems, Inc. (OTCQB: CRSS) ("Crossroads" or the "Company"), a holding company focused on investing in businesses that promote economic vitality and community development, through its wholly owned subsidiary Capital Plus Financial ("CPF"), today published its 2020 Social Impact Report as part of its ongoing impact measurement process and stakeholder sentiment analysis.
The 2020 Social Impact Report highlights the Company's key advancements in impact management as well as meaningful initiatives underway. Key findings and conclusions of the report include:
98.4% of borrowers kept their homes during the pandemic;
78% of CPF borrowers were first time homebuyers;
25% to 35% of loans originated were to female borrowers;
97% retention across the CPF portfolio;
Crossroads invested $19.4 million in improving homes and neighborhoods across the state, providing affordable homes for 156 families in San Antonio, Houston, Fort Worth and Dallas.
The 2020 Social Impact Report can be found on the Company's website here.
Earlier this month, Crossroads CEO Eric Donnelly was featured in the Silicon Valley Business Journal, where he called for urgent bipartisan coordination to provide necessary financial support for vulnerable small businesses during the pandemic. The complete article can be viewed here.
"This year's social impact report validates CPF's mission to remove barriers and catalyze housing affordability, providing physical and mental stability, improved finances and reduced health problems in the process," said Crossroads CEO Eric Donnelly. "While it is clear that our borrowers have faced hardships this year as a result of the pandemic, it is also apparent that institutions like ours have played a significant role in promoting housing security and supporting key stakeholders at all levels. We see our social impact as an equally important metric for our double bottom line business and for the investors who place their trust and capital in our vision. The key findings from the report as well as the widespread economic instability the country has experienced this year tell us that many of the communities we interact with are still in need of our support, and we stand ready to assist them."
About Crossroads Systems
Crossroads Systems, Inc. (OTCQB: 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.
Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of Crossroads Systems, Inc. and Capital Plus Financial and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems' and Capital Plus Financial's ability to implement their business strategy, and their ability to achieve or maintain profitability. The future performance of Crossroads Systems and Capital Plus Financial may be adversely affected by the following risks and uncertainties: economic changes affecting homeownership in the geographies where Capital Plus Financial conducts business, developments in lending markets that may not align with Capital Plus Financial's expectations and that may affect Capital Plus Financial's plans to grow its portfolio, variations in quarterly results, developments in litigation to which we may be a party, technological change in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review Crossroads Systems' annual and quarterly reports. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and Crossroads Systems undertakes no duty to update this information to reflect future events, information or circumstances.
©2020 Crossroads Systems, Inc., Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners.
Investor Relations Contact:
Gateway Investor Relations
Matt Glover and Tom Colton
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SOURCE Crossroads Systems; Capital Plus Financial