CALGARY, ALBERTA--(Marketwired - Sept. 8, 2016) - Founders Advantage Capital Corp. (TSX VENTURE:FCF) (the "Corporation") wishes to announce that, effective in 2016, its financial year-end will be changed from September 30 to December 31 to align the Corporation's year end with the year-ends of its investee subsidiaries and peer group. Management anticipates this will simplify accounting and reduce costs and allow for greater comparability with the Corporation's peer group. To facilitate the change, the Corporation will report a, one-time, fifteen-month transition year covering the months of October 2015 to December 2016. Subsequent to the transition year, the Corporation's first full financial year will cover the period January 1, 2017 to December 31, 2017.
During the transition year, the Corporation will file condensed interim consolidated financial statements for the interim periods ending December 31, 2015 and March 31, June 30 and September 30, 2016, which will include the statement of financial position as of September 30, 2015 and the financial statements for the corresponding periods ending December 31, 2014 and March 31, June 30 and September 30, 2015, for comparison purposes. Year-end financial statements will be filed for the fifteen-month period ending December 31, 2016 and these will be compared to the financial statements for the year ending September 30, 2015.
During its new financial year, the Corporation will file condensed interim consolidated financial statements (with comparative three month periods) covering the three months ended March 31, 2017 (March 31, 2016), June 30, 2017 (June 30, 2016), and September 30, 2017 (September 30, 2016). Annual statements will be filed for the new financial year ending December 31, 2017 with comparative statements from the previous fifteen-month financial year ending December 31, 2016.
As prescribed in NI 51-102 Continuous Disclosure Obligations section 4.2(b)(i) the filing deadline for the annual financial statements will be on or before the 120th day after the end of the most recently completed financial year. The filing deadline for the interim financial statements will be as prescribed in NI 51-102 section 4.4(b)(i) on or before the 60th day after the end of the interim period.
About Founders Advantage Capital Corp.
The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a passive and permanent investment approach. The Corporation has developed an investment approach to create long-term value for its shareholders and partner entrepreneurs (investees) by pursuing majority interest acquisitions of cash flow positive middle-market privately held entities. The Corporation seeks to win mandates by appealing to the segment of the market which is not aligned with traditional Private Equity control, royalty monetizations or related structures. The Corporation's innovative platform offers disproportionate incentives (contractually) for growth in favour of our partner entrepreneurs. This unique platform is designed to appeal to entrepreneurs who believe in the growth of their businesses and who want the added ability to maintain operational control with a long-term and passive partner.
The Corporation's common shares are listed on the TSX Venture Exchange under the symbol "FCF".
For further information please refer to the Corporation's website at www.advantagecapital.ca.
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.