RIFCO INC.
TSX VENTURE : RFC

RIFCO INC.

August 07, 2008 10:41 ET

RIFCO Releases Annual Report

RED DEER, ALBERTA--(Marketwire - Aug. 7, 2008) - RIFCO Inc. (TSX VENTURE:RFC) today released its Annual Report for the year ended March 31, 2008 which include a President's Message in addition to the annual financial statements and the related management's discussion and analysis released on June 30, 2008. Copies of the Annual Report can be viewed at www.sedar.com.

RIFCO has a tradition of including our specific measurable objectives annually in the President's Message. Progress towards these objectives is noted in our quarterly reports. The following are the 2009 objectives as reported in the President's Message.

- Grow loan originations by 60% to over $40 million

- Grow managed assets by 50% to over $45 million

- Grow revenue by 50% to over $11 million

- Achieve managed finance receivables annualized write offs between 5% and 6%

- Achieve continued growth in EPS, ROE and book value per share

We encourage interested parties to review the 2008 Annual Report and compare RIFCO's progress made against 2007 objectives.

RIFCO's Annual Shareholders meeting will be held on September 10, 2008 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 share our vision for the future.

About RIFCO Inc.

RIFCO is an auto purchase finance Company providing motorists with near-prime/non-prime financing through a growing network of selected new and used vehicle dealers operating in all provinces except Saskatchewan and Quebec. RIFCO Inc. operates through its wholly owned subsidiary Repair Industry Finance Corporation.

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 forward-looking information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

Contact Information

  • RIFCO INC.
    Lance A. Kadatz
    Vice President and Chief Financial Officer
    (403) 314-1214 Ext 111
    (403) 314-1132 (FAX)
    Email: kadatz@rifco.net
    Website: www.rifco.net