RED DEER, AB, March 22 /CNW/ - RIFCO Inc. (TSX.V-RFC) today announced
it's commencing operations in all of Atlantic Canada.
Increasingly, repairers and dealers in the Maritime Provinces have
contacted RIFCO in order to offer financing to their customers. Our chain
partners have been asking for our expansion for some time and have indicated
that there may be some pent up demand for RIFCO's products.
RIFCO believes that Atlantic Canada is an attractive region for the
company in terms of growth and profit opportunities.
With this expansion RIFCO now has operations in all provinces except for
Saskatchewan and Quebec. All application and loan management functions for
Canada will continue to be performed at the company's offices in Alberta.
RIFCO is also pleased to report that on March 20th the company granted
its 50 millionth dollar in loans. The loan that allowed the company to cross
this milestone was granted to a repeat customer. The customer has been on the
same job for 7 years and has lived at the same address for 6 years. For this
customer, RIFCO financed the installation of a rebuilt transmission into a
1998 GMC Yukon. The repair work was completed at a Mister Transmission
location in Rexdale, Ontario.
The company granted its first loan just over five years ago. In the last
reported quarter, RIFCO granted over $5M in new loans.
About RIFCO Inc
RIFCO Inc. operates through its wholly owned subsidiary Repair Industry
Finance Corporation. RIFCO is a specialty consumer finance corporation. RIFCO
provides Automotive & Commercial Repair Financing and Vehicle Purchase
Financing to mid-market motorists.
The common shares of RIFCO INC. are traded on the TSX Venture Exchange
under the symbol "RFC". RIFCO Inc. has 19.23 million shares outstanding.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release
For further information:
For further information: RIFCO INC., Lance A. Kadatz, Vice President and
Chief Financial Officer, Telephone: (403) 314-1214 Ext 111, Fax: (403)
314-1132, Email: firstname.lastname@example.org, Website: www.rifco.net