TORONTO, Aug. 17, 2016 /CNW/ - Sym-Tech Inc. ("Sym-Tech") announced today that on August 16, 2016, it acquired through private transactions, along with its joint actors, beneficial ownership of 363,900 common shares of Rifco Inc. (TSX.V-RFC, "Rifco"), representing approximately 1.69% of the issued and outstanding common shares of Rifco (based on a total of 21,572,483 common shares issued and outstanding) at a per share price of $1.60, for an aggregate price of $582,240. After giving effect to the acquisition referred to above, Sym-Tech and its joint actors beneficially own an aggregate of 2,364,100 common shares, representing approximately 10.99% of the issued and outstanding common shares of Rifco. Sym-Tech and its joint actors acquired the common shares for strategic investment purposes.
Sym-Tech, an Ontario corporation, is a leading Canadian F&I provider to the retail automotive industry, offering F&I products, industry-proven training and in-dealership development, as well as a proprietary software platform to automobile dealerships in Canada. Sym-Tech's head office is located at 35 West Pearce Street, Unit 14, Richmond Hill, ON, L4B 3A9. Rifco's head office is located at Suite 500, Central Block, 5000 Gaetz Avenue, Red Deer, Alberta, T4N 6C2.
Sym-Tech will be filing a report (as contemplated by National Instrument 62-103 – The Early Warning System and Related Takeover Bid and Insider Reporting Issues) in connection with the acquisition of the Rifco common shares.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol "RFC". There are 21.57 million shares outstanding and 23.05 million (fully diluted) shares.
SOURCE Sym-Tech Inc.
For further information: or to obtain a copy of the report, please contact: Chris Cawston, President and General Manager, telephone (905) 889-5390.