TORONTO, Oct. 30, 2014 /CNW/ - Callidus Capital
Corporation ("Callidus" or the "Company") (TSX: CBL), a provider of
flexible and innovative asset-based loans, announced today an
update on the current status of its business.
We are pleased to report that as at October 29, 2014, our gross loans receivable were
$671 million, with an aggregate
committed amount of $856 million.
This represents an increase from our position on August 13, 2014 when we reported gross loans
receivable of $605 million and an
aggregate committed amount of $755
million. As stated during our earnings teleconference call
on August 15, 2014, this disclosure
is consistent with our intention to inform the market should the
loan portfolio change by more than $65
million. This threshold may be adjusted as the size of the
loan portfolio changes.
Additionally, our pipeline of potential new loans is currently
approximately $525 million, for which
we have signed back term sheets that we are pursuing of
approximately $160 million,
recognizing that not all of these potential loans will close.
We continue to see exciting growth and opportunities in each of
our targeted strategic growth areas. As the business continues to
grow, we have added to the underwriting, finance and field
examination groups. We will continue to provide you with updates as
we make progress on these and other initiatives.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian
company that specializes in innovative and creative financing
solutions for companies that are unable to obtain adequate
financing from conventional lending institutions. Unlike
conventional lending institutions who demand a long list of
covenants and make credit decisions based on cash flow and
projections, Callidus credit facilities have few, if any, covenants
and are based on the value of the company's assets, its enterprise
value and borrowing needs. Callidus employs a proprietary system of
monitoring collateral and exercising control over the cash inflow
and outflows of each borrower, enabling Callidus to very
effectively manage any risk of loss.
Non-IFRS Measures
This press release contains references to gross loans
receivable, which is not a generally accepted accounting measure
under International Financial Reporting Standards and therefore the
definition used by the Company may differ from the definition of
such term used by other entities. The Company defines "gross loans
receivable" as the sum of (i) the aggregate amount of loans
receivable on the relevant date, (ii) the loan loss allowance on
such date, (iii) the book value of assets held for sale as they
appear on the balance sheet, and (iv) discounts on loan
acquisitions. Management believes that gross loans receivable is a
useful supplemental measure that may assist purchasers in assessing
the financial performance and the cash anticipated to be generated
by the Company's business. Gross loans receivable should not be
considered as the sole measure of the Company's performance and
should not be considered in isolation from, or as a substitute for,
analysis of the Company's financial statements.
SOURCE Callidus Capital Corporation