NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ALL FIGURES IN CANADIAN DOLLARS UNLESS OTHERWISE SPECIFIED.
NEW YORK, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Inspira Financial Inc. (the “Company”) (TSXV:LND) today announced it has made changes to its Board of Directors and management team. Additionally, two shareholders have each reported acquiring shares that bring their current holdings over 10% of the common shares of the Company.
In light of the condition of the Company, which still has millions in cash and a limited amount of impaired loans outstanding, the two largest shareholders, Michael Dalsin and Roger Greene, have each been appointed to the Board of Directors with Mr. Greene also being appointed as CEO. Jaime Gerber has stepped down as a director and the Interim CEO and Brian Chevalier-Jordan has also stepped down as a director. Randy Berkholtz will remain as a director.
“I am appreciative of the former management team for doing their best over the past two years in a challenging business environment that resulted in declining prices and margins for their entire market, and for their agreement to step aside quickly and let us come in to expand and improve the investment process,” said Michael Dalsin, the incoming Chairman of the Board of Directors of the Company. “We plan to tap into our global contacts for deal flow to make investments. We will keep the shareholders updated as to our investment parameters and plans in the near future. Our goal is to achieve returns by investing in smaller growth companies, which obviously carries inherent risk of losses. We hope to mitigate overall risk to some degree by diversifying investments into multiple companies over time, and seeking co-investors where possible.”
“In advance of deploying capital toward new investments, we will focus on higher yield instruments to fund the extensive costs of listing, due diligence and limited operations, as well as transactional costs once an investment is made,” said Roger Greene, incoming CEO of the Company. “We have access to deal flow from various funds, bankers and directly from private companies in the US, and we will also develop a plan to provide a mechanism for all of our shareholders to participate in referring investment opportunities.”
Investing in smaller companies is a greater risk than investment in established firms, and investments in higher yielding income securities can involve greater risk because of credit issues or changes in interest rates. All transactions will be subject to the rules and policies of the TSX Venture Exchange.
Pursuant to National Instrument 62-103, Mr. Dalsin and Mr. Greene have each filed a report with Canadian securities regulators in connection with their respective acquisitions which can be obtained under the Company’s profile on the SEDAR website (www.SEDAR.com). The reports indicate that that the common shares were acquired for investment purposes and that each of them may increase or reduce their investment in the Company according to market conditions or other relevant factors. Mr. Dalsin and Mr. Greene will also be filing necessary reports on the SEDI website (www.SEDI.ca).
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; competition; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; dependence on debt markets and changes in interest rates and credit conditions; currency exchange rate fluctuations; demand for the lending products the Company offers at interest rates higher than at which the Company can borrow; a novel business model; granting of permits and licenses in a highly regulated business; difficulty of funding and integrating newly acquired businesses; new technologies; low profit market segments; general economic, market and business conditions; underlying risks faced by firms in which the Company may invest; as well as those risk factors discussed or referred to in the Company's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Inspira Financial Inc.
Michael Dalsin
Chairman
1 (844) 877-7562
IR@inspirafin.com
www.inspirafin.com
