Findev Inc.
TSX VENTURE : FDI

Findev Inc.

October 28, 2016 17:37 ET

Findev Announces Second Advance to Condo Project and Change in Financial Year-End

TORONTO, ONTARIO--(Marketwired - Oct. 28, 2016) - Further to its announcement via news release dated October 14, 2016 concerning the advance by Findev Inc. (TSX VENTURE:FDI) (the "Company" or "Findev") of a mezzanine loan in the amount of $5.5 million to Musee Residences Corp. for the construction of the condominium project known as "Musee - King Adelaide West" in Toronto, Ontario and in connection with its proposed change of business from one focused on the digital distribution of games for Smart TVs, next-generation set-top boxes and over-the-top devices, to that of lending to, investing in and financing real estate transactions (the "Proposed COB"), the Company is pleased to announce the advance of a second mezzanine loan in the amount of $5.5 million to Wellesley Residences Corp. for the construction of the condominium project known as "50 at Wellesley Station" in Toronto, Ontario. The loan bears interest at the rate of 10% per annum and matures on December 31, 2019. The Company will make other mezzanine loans as described in its management information circular dated August 23, 2016 in connection with the Proposed COB, subject to available funds and maintaining unallocated working capital thresholds. The TSX-V has conditionally approved the Proposed COB, subject to the completion and satisfaction of certain conditions.

In addition, the Company's Board of Director's has resolved to change the Company's financial year-end from May 31st to December 31st. This change will better align the Company's financial reporting periods to that of other industry participants in the real estate sector and facilitate assessment of the Company's business performance against its peers. As part of the change, the Company will report a one-time seven-month transition year covering the months June 2016 to December 2016. Subsequent to the transition year, the Company's first full financial year will cover the period January 1, 2017 to December 31, 2017. A Notice of Change in Year-End has been filed by the Company on SEDAR pursuant to National Instrument 51-102.

On behalf of the Company,

Sruli Weinreb, CEO

NEITHER THE 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.

Forward-Looking Statements

Certain statements in this document may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like "may", "will", "expect", "continue", "believe", "plan", "intend", "would", "could", "should", "anticipate" and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the "Risk Factors" section of the Company's the most recently filed Annual Report which is available on SEDAR at www.sedar.com.

Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.

Contact Information

  • Findev Inc.
    Sruli Weinreb
    CEO
    647-789-5188