RED DEER, AB, Sept. 4 /CNW/ - RIFCO Inc. (TSX.V-RFC) today announced that
it has successfully completed its 23rd consecutive loan securitization with
Securcor Trust and on August 31 received $1.23M net of the retained interest
holdback on loans with a principal balance of $1.30M. During the month of
August, the Company also received a regular quarterly cash payout from the
retained interest holdback of $1.09M. The disruption in the Asset Backed
Commercial Paper (ABCP) market and the US sub-prime mortgage market has not
affected RIFCO's two securitization sources. Both facilities provide RIFCO
with access to $60 million in authorized facilities. RIFCO is continuing its
business as usual as is reflected in the two above disclosed August
RIFCO does not typically report loan securitization transactions and does
not expect to in the future.
RIFCO has granted 110,000 stock options to two senior officers of the
Company who are directors and 60,000 stock options to two senior officers that
are not directors. The options were granted at an exercise price of $0.55 per
common share and will expire on September 4, 2012. The options will vest over
About RIFCO Inc.
RIFCO Inc. operates through its wholly owned subsidiary Repair Industry
Finance Corporation. RIFCO is a specialty consumer finance corporation
currently providing motorists with non-prime Auto Purchase Financing and
mid-market Automotive & Commercial Repair Financing. RIFCO has a growing
network of new & used vehicle dealers and licensed repair facilities operating
in all provinces except Saskatchewan and Quebec.
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