REGINA, June 4, 2018 /CNW/ - Input Capital Corp. ("Input" or the "Company") (TSX Venture: INP) (US: INPCF) today released an operational update on business developments in the quarter to date.
President & CEO Doug Emsley said, "Input continues to experience strong support in the agriculture community, as evidenced by the continued expansion in the number of streaming contracts signed with farmers in the last two months:
- "Since January 30th, Input has approved over $25 million in mortgage streams. This is the most rapid uptake of a new product in Input's history when measured by capital deployed. We believe that mortgage streams are likely to grow into the largest segment of Input's business. Most of the farmers who signed up for mortgage streams also added a marketing stream at the same time.
- "Total approved capital deployments into streams of all types was over $14 million in April and May, representing the best April/May deployment in Input's history.
- "Input now has active streaming contracts with 375 farmers across western Canada (up from 353 at March 31). This number has grown consistently every quarter since the Company was launched in 2012.
Emsley continued: "Concerns about dry conditions and drought in SE Saskatchewan and SW Manitoba have dissipated over the last week, as significant widespread rain has provided the moisture needed to get the crop off to a very good start. More timely rains appear to be in the forecast for the coming weeks.
"We are continuing to buy back shares under the Company's Normal Course Issuer Bid, announced last December, because it is our continued view that the Company's shares are undervalued. Input has a strong balance sheet with $9.6 million in cash, $4.5 million in debt, and a book value of $106 million."
Input is an agriculture commodity streaming company with a focus on canola, the largest and most profitable crop in Canadian agriculture. The Company has developed several flexible and competitive forms of financing which help western Canadian canola farmers solve working capital, mortgage finance and canola marketing challenges and improve the financial position of their farms. Under a streaming contract, Input provides capital in exchange for a stream of canola via multi-year fixed-volume canola purchase contracts. To a farmer, Input is like a virtual grain company, buying canola and providing financial solutions. To canola buyers, Input is like a large virtual farm which produces and sells canola over a large geographically diverse footprint, but does not own the land, or equipment or operate the farm. In production terms, Input is the largest canola farm in the world.
Input continues to grow and diversify its low cost canola production profile by entering into streaming contracts with canola farmers across western Canada. Input is focused on farmers with quality production profiles, excellent upside yield potential, and strong management teams.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Statements
This release includes forward-looking statements regarding Input and its business. Such statements are based on the current expectations and views of future events of Input's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Input, including risks regarding the agricultural industry, economic factors and the equity markets generally and many other factors beyond the control of Input. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Input undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Input Capital Corp.