RIFCO INC.
TSX VENTURE : RFC

RIFCO INC.

November 27, 2008 11:45 ET

RIFCO Renews Credit Facility and Updates Website Investor Relations Materials

RED DEER, ALBERTA--(Marketwire - Nov. 27, 2008) - RIFCO Inc. (TSX VENTURE:RFC) today announced that the Company has received and accepted the annual renewal of its $7.5M credit facility with BMO Bank of Montreal. The terms, limits and security remain unchanged from those of the prior year's facility. We did see a slight increase in rates which was expected in context to the current capital market conditions. The $7.5 million senior credit line is used to build up on-book auto loans. RIFCO's two $30 million per year securitization facilities from Securcor Trust & Servus Credit Union are accessed for monthly securitizations.

At September 30, 2008 utilization of the $7.5M senior credit line was $3.66M which includes allocation for $3.0M in outstanding Letters of Credit. As at the same date, utilization of the $60 million in authorized securitization facilities stood at $11.82M.

RIFCO would also like to advise interested parties that it has updated its website.

Investor Relations content available on the website includes an annual Investor Handbook, an updated Selected Financial Information document, and PowerPoint web video versions of recent investor presentations. As always, interested parties may register at RIFCO.NET in order to subscribe to email updates on the Company's activities.

About RIFCO

RIFCO is one of Canada's fastest growing automotive finance companies. Non-prime 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 21.49 million (fully diluted) shares.

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