/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S/
TORONTO, Dec. 6, 2022
/CNW/ - Cliffside Capital Ltd. ("Cliffside" or the
"Company") (TSXV: CEP) announces the formation of a special
committee (the "Independent Committee") comprised of the
independent directors of the Company to explore and evaluate
potential strategic alternatives that may be available to the
Company with the goal of maximizing value for Cliffside
shareholders ("Shareholders") and other stakeholders of the
Company. These alternatives may include, but are not limited to, a
sale of all or a portion of the common shares in the capital of the
Company, a sale of all or a portion of the assets of the Company,
new debt or equity financings, a strategic investment in the
Company or other strategic transaction structures (collectively,
"Potential Strategic Transactions").
The Independent Committee has been empowered with a broad
mandate to lead the process in connection with the review of
Potential Strategic Transactions, including engaging necessary
professional advisors. The Independent Committee will manage any
expressions of interest relating to any proposed Potential
Strategic Transactions that may be forthcoming, and will work with
professional advisors to assess the fairness of Potential Strategic
Transactions to Shareholders and other stakeholders and make
recommendations to the Company's board of directors (the
"Board") in respect of all such matters.
In connection with the formation of the Independent Committee,
the Company expects to materially reduce the pace of any new asset
acquisitions while the Independent Committee considers Potential
Strategic Transactions.
No decisions relating to any specific Potential Strategic
Transaction has been made as at the date of this news release and
there are no assurances that any Potential Strategic Transaction,
or transactions, will result from the formation of the Independent
Committee and the strategic review process, generally. The Company
does not intend to comment further with respect to the strategic
review process unless and until it determines that additional
disclosure is appropriate in the circumstances and in accordance
with applicable securities laws.
About Cliffside
Cliffside is focused on investing in strategic partnerships with
parties who have specialized expertise and a proven track record in
originating and servicing loans and similar types of financial
assets. Cliffside's strategy is to generate revenue as an investor,
affording its shareholders an opportunity to invest in the growing
alternative lending sector with the potential for attractive yields
and minimal operational risk while earning a reliable total return.
For more information, see Cliffside's filings on SEDAR at
www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the business and operations
of Cliffside and its partnerships, the ability of management to
effectively protect and grow the Company's business in light of
recent and ongoing macroeconomic risks and uncertainties,
statements relating to the mandate of the Independent Committee,
and the Company's strategy regarding future asset acquisitions.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the results of operations; potential for
conflicts of interests; the availability of appropriate finance
receivables that may be purchased by the Company's limited
partnerships under existing funding facilities; volatility of
common share price and volume; uncertainties relating to the
strategic review to be conducted by the Independent Committee and
the terms of any definitive agreements that may be entered into in
connection with a Potential Strategic Transaction; and the
viability of any Potential Strategic Transaction. There can be no
assurance that such statements will prove to be accurate or
complete, as actual results and future events could differ
materially from those anticipated in such
statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Cliffside disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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.
SOURCE Cliffside Capital Ltd.