RED DEER, AB, Aug. 9 /CNW/ - RIFCO Inc. (TSX.V-RFC) has published its Annual Report for the year ended March 31, 2010 which include a 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 or at www.rifco.net.
RIFCO's custom of including specific measurable objectives annually in the President's Message continues for the fiscal year ending March 31, 2011. Progress towards these objectives is noted in each quarterly report.
The following are the 2011 objectives as reported in the President's Message.
- Achieve Record Loan Originations of over $50 million
- Achieve Record Managed Assets of over $75 million
- Achieve Record Revenue of over $14 million
- Achieve an Annualized Write Off rate below 5.5%
- Achieve Record Net Income of over $1.5 million
We encourage interested parties to review the 2010 Annual Report and compare RIFCO's results against our stated 2010 objectives.
RIFCO's Annual Shareholders meeting will be held on September 9, 2010 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 2010 results 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". There are 19.23 million shares (basic) outstanding and 20.93 million (fully diluted) shares.
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 forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE RIFCO INC.
For further information: For further information: RIFCO INC., Lance A. Kadatz, Vice President and Chief Financial Officer, Telephone: 1-403-314-1214 Ext 111, Fax: 1-403-314-1132, Email: firstname.lastname@example.org, Website: www.rifco.net