CALGARY, Alberta, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Founders Advantage Capital Corp. (FCF.V) (“FAC” or the “Corporation”) is pleased to announce that its investee Dominion Lending Centres Limited Partnership (“DLC”) achieved record annual funded mortgage volumes of $40.1 billion in 2019, an increase of 10.2% over the prior year (2018 - $36.4 billion). Further, DLC had record Q4 funded mortgage volumes of $11.6 billion in Q42019, an increase of 28.9% over the same quarter in the prior year (Q42018 - $9.0 billion).
The Corporation anticipates its proportionate share of investee adjusted EBITDA for the year ended December 31, 2019 to be between $20.75 million - $21.50 million. The above preliminary results are for continued operations only (excludes discontinued operations from Astley Gilbert) and are prior to FAC’s corporate expenses, including G&A.
Non-IFRS Financial Performance Measures
Management presents certain non-IFRS financial performance measures which we use as supplemental indicators of our operating performance. Non-IFRS financial performance measures include proportionate share of investee adjusted EBITDA. Readers are cautioned that these non-IFRS measures should not be construed as a substitute or an alternative to applicable generally accepted accounting principle measures as determined in accordance with IFRS. For greater certainty, the non-IFRS financial performance measures reflect the adoption of IFRS 16 - Leases. Please see the Corporation’s MD&A for a description of these measures and a reconciliation of these measures to their nearest IFRS measure.
About Founders Advantage Capital Corp.
The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a permanent investment approach. 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:
|James Bell |
President & Chief Executive Officer
|Robin Burpee |
Chief Financial Officer
|Amar Leekha |
Sr. Vice-President, Capital Markets
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.
Cautionary Statement Regarding Forward-Looking Financial Information
Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "schedule", "intend", "propose", or similar words suggesting future outcomes or an outlook. Forward-looking information in this document includes, but is not limited to: the Corporation’s expected proportionate share of investee adjusted EBITDA from continued operations for the fiscal year ended December 31, 2019.
Although the Corporation believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on them as the Corporation can give no assurance that such expectations will prove to be correct. Forward-looking information is based on expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Corporation and described in the forward-looking information. In particular, there can be no assurance that the final reported financial results of the Corporation will be consistent with the preliminary results provided herein.
The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities law, the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.