EDMONTON, Feb. 26, 2015 /CNW/ - Carfinco Financial Group Inc. ("Carfinco") (TSX: CFN) announces today that it has completed the sale of its US holding company, Carfinco USA Inc., and all of Carfinco USA Inc.'s direct and indirect subsidiaries including Persian Acceptance Corp., the disposition of which is a condition of closing the previously announced plan of arrangement (the "Arrangement") with Banco Santander, S.A. ("Santander") (CATS: SAN, NYSE: SAN, BATS-CHIXE: SANE).
Carfinco continues to work diligently towards completing the Plan of Arrangement and remains confident that the Arrangement can be completed on or before the extended deadline of March 12, 2015.
About Carfinco Financial Group Inc.
Carfinco focuses on providing indirect consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources. A network of select independent and franchise dealerships offer Carfinco's payment plans to their customers who must, along with the vehicle, meet Carfinco's underwriting guidelines. The shares of Carfinco trade on The Toronto Stock Exchange under the symbol "CFN".
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding Carfinco's on-going compliance with the terms of the Arrangement Agreement with Santander, the satisfaction of the conditions set forth therein, the closing of the transactions contemplated thereby within in the timelines contemplated by the Arrangement Agreement and the targeted closing date of the Plan of Arrangement (as amended). These statements are subject to a number of risks and uncertainties, including the possibility that the Plan of Arrangement may not close due to the inability to satisfy all closing conditions within the necessary timelines. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
SOURCE Carfinco Financial Group Inc.
For further information: Mr. Tracy A. Graf, CEO & Director of Carfinco Financial Group Inc., Telephone: 1-888-486-4356, Facsimile: 1-888-486-7456, E-mail: firstname.lastname@example.org, Web site: www.carfinco.com