RED DEER, ALBERTA / ACCESSWIRE / April 1, 2014 / Rifco Inc. (TSXV-RFC) is pleased to report that, its wholly owned subsidiary Rifco National Auto Finance ("Rifco or Company"), in the month of March, originated over $15 million dollars in new loans.
This sets a new monthly record for Rifco. The Company has previously reported monthly loan origination milestones of $1M in August 2004, $5M in March 2011 and $10M in May 2013.
The $15 million dollar milestone in March is a 50% increase over the prior milestone in 10 months.
While this monthly volume level sets a new "high water mark" for the Company, it should not be automatically extrapolated for future months or annual origination levels.
The Company intends to release its audited March 31, 2014 annual and fourth quarter results on or about June 12, 2014. As is Rifco's custom, the Company will also report the progress made against 2014's public targets and will release new targets for fiscal 2015.
About Rifco Inc.
Rifco Inc. operates through its wholly owned subsidiary Rifco National Auto Finance Corporation to provide automobile loans through its dealership network across Canada.
Rifco National Auto Finance provides consumers with financing options on new and used vehicles. Rifco specializes in building long-term partnerships with dealers by investing time in personalized services through dedicated account representatives. Rifco's quick credit decisions, common sense lending, and expedited funding processes give its dealers better financing options and more closed deals. Rifco's most successful partnerships result in "Fast Forward 500 Club" recognition for its loyal dealerships.
Rifco is committed to continuing growth. Key strategies for achieving this growth include the expansion of its automobile dealer base, excellence in credit and collections processes.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol "RFC". There are 21.03 million shares (basic) outstanding and 22.21 million (fully diluted) shares.
Lance A. Kadatz
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 EXT 7007
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Rifco Inc.