RED DEER, AB, Aug. 17 /CNW/ - RIFCO Inc. (TSX.V-RFC) today published its
Annual Report for the year ended March 31, 2009 which include message from the
President in addition to the previously released annual financial statements
and the related management's discussion and analysis. Copies of the Annual
Report can be viewed at www.sedar.com.
RIFCO's custom of including specific measurable objectives annually in
the President's Message continues for the fiscal year ending March 31, 2010.
Progress towards these objectives is noted in each quarterly report.
The following are the 2010 objectives as reported in the President's
- Maintain loan originations of over $40 million
- Grow managed assets by 40% to over $70 million
- Maintain revenue of over $12 million
- Achieve managed finance receivables annualized write offs between
5.5% and 6.5%
We encourage interested parties to review the 2009 Annual Report and
compare RIFCO's progress made against 2008 objectives.
RIFCO's Annual Shareholders meeting will be held on September 9, 2009 at
3:00PM at the Red Deer Lodge, 4311 - 49th Avenue, Red Deer, Alberta. We look
forward to meeting with our shareholders and interested parties to detail the
strong results of 2009 and share our vision for the future.
About RIFCO Inc.
RIFCO is one of Canada's fastest-growing automotive finance companies.
Non-traditional auto loans are indirectly originated through a growing network
of selected new and used vehicle dealers 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.
Certain information contained in this press release, including
information and statements which may contain words such as "objective",
"estimates", "would", "will", "contemplates", "expects" and similar
expressions and statements relating to matters that are not historical facts,
are forward-looking information including, but not limited to, information as
to future performance.
This forward-looking information is based on certain material factors,
assumptions and analyses made by RIFCO in light of its experience and its
perception of historical trends, current conditions and expected future
developments as well as other factors it believes are appropriate in the
circumstances. However, whether actual results, performance or achievements
will conform with RIFCO's conclusions, forecasts, projections, expectations
and predictions expressed or implied by the forward-looking information in
this press release is subject to known and unknown risks and uncertainties
which could cause actual results to differ materially from RIFCO's
conclusions, forecasts, projections, expectations and predictions expressed or
implied by the forward-looking information in this press release, including:
adverse market and economic conditions. Additional risks may be described in
RIFCO's Annual Report for the most recently completed financial year end which
may be found on SEDAR at www.sedar.com. If any of the above risks or
uncertainties materialize, or if the material factors, assumptions and
analyses applied by RIFCO are incorrect, actual results may vary materially
from those expected in the forward-looking information in this press release.
Consequently, all of the forward-looking information contained in this
press release is qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by RIFCO
expressed or implied by the forward-looking information in this press release
will be realized or, even if substantially realized, that they will have the
expected consequences to or effects on RIFCO or its business operations. RIFCO
assumes no obligation, except as required by law, to update publicly any such
forward-looking information, whether as a result of new information, future
events or otherwise. Readers should not place undue reliance on
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: email@example.com, Website: www.rifco.net