EDMONTON, Dec. 18, 2013 /CNW/ - Carfinco Financial Group Inc.
("Carfinco") today announces that following a competitive bidding
process Carfinco chose not to provide the highest purchase price in its
bid to acquire, and will not be acquiring, the new equity ownership
interests of Western Funding Incorporated ("WFI") and Global Track GPS
LLC ("Global Track," and together with WFI, the "Companies")
headquartered out of Las Vegas, Nevada. On November 1, 2013, Carfinco
had previously announced that it had become the "stalking horse bidder"
and proposed plan sponsor for the Companies, each of which had
commenced a chapter 11 bankruptcy case on September 4, 2013 in the
United States Bankruptcy Court for the District of Nevada (the
"Court"). Amongst other conditions, the completion of the transactions
was subject to a sale process for competing bids, which took place
"The bidding reached a purchase price which exceeded management's upper
threshold for risk versus returns on equity deployed," stated Tracy
Graf, CEO of Carfinco. "Management will continue to actively pursue
potential acquisitions in Canada and in the U.S. that will add value to
About Carfinco Financial Group Inc.
Carfinco, through its Canadian and US subsidiaries (the "Subsidiaries"),
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 the
Subsidiaries payment plans to their customers who must, along with the
vehicle, meet the Subsidiaries 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 the business and anticipated financial performance of the
company. These statements are subject to a number of risks and
uncertainties. 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.
Web site: www.carfinco.com
The Howard Group Inc.
Web site: www.howardgroupinc.com