News & Media

FAX CAPITAL CORP. PROVIDES CORPORATE UPDATE

 
NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
FOR IMMEDIATE RELEASE

February 3, 2021, Toronto, Ontario - FAX Capital Corp. (the “Company”) (TSX: FXC and FXC.WT) today announced that it expects to report its financial results for the year ended December 31, 2020 on March 25, 2021. As at December 31, 2020, the Company’s unaudited book value per share was approximately $4.80 per share, an approximate 11% increase from December 31, 2019 and a 7% increase from September 30, 2020. Performance in both periods was driven primarily by unrealized gains on its portfolio of investments.

During the fourth quarter, the Company continued to judiciously deploy capital and continued to buy back shares under its normal course issuer bid.

Additionally, the Company today provided an update on its previously announced acquisition, through its subsidiary company, of an approximate 78% controlling interest in Carson, Dunlop & Associates Ltd. (“Carson Dunlop”), noting that the transaction is now expected to be completed in the first quarter of 2021.


About FAX Capital Corp.

The Company is an investment holding company with a business objective to maximize its intrinsic value on a per share basis over the long-term by seeking to achieve superior investment performance commensurate with reasonable risk. The Company intends to invest in equity, debt and/or hybrid securities of high-quality businesses. The Company initially intends to invest in approximately 10 to 15 high-quality small cap public and private businesses located primarily in Canada and, to a lesser extent, the United States. For further information, please visit the Company’s website at www.faxcapitalcorp.com.

For additional information please contact:

Investor Relations
Tim Foran
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.faxcapitalcorp.com

Media Relations
Kieran Lawler
Telephone: (416) 303-0799
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.


Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information. Such forward-looking information or statements (FLS) are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the anticipated date for filing and dissemination of the Company’s 2020 annual financial results; the anticipated timing for completing the acquisition of Carson Dunlop; the Company’s outlook and future plans for Carson Dunlop; the Company’s continuing investment thesis in respect of Carson Dunlop and other portfolio investments; and the Company’s investment approach, objectives and strategy, including investment selection and pace of continued investment.

FLS is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such FLS is reasonable, undue reliance should not be placed on FLS because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such FLS include, but are not limited to, the continued impact of coronavirus (COVID-19), as well as the identified risk factors included in the Company’s public disclosure, including the annual information form dated March 26, 2020, which is available on SEDAR at www.sedar.com and on the Company’s website at www.faxcapitalcorp.com. The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice.

Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review the Company's continuous disclosure filings that are available at www.sedar.com.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this release.