News & Media



August 4, 2021, Toronto, Ontario - FAX Capital Corp. (FAX Capital or the Company) (TSX: FXC and FXC.WT) today announced its results for the quarter ended June 30, 2021. All currency figures are Canadian dollars.

The Company performed well during the period, and these results support the strategy of our focused business model and disciplined approach to investing.

Operating Highlights:
  • Book value of $5.45 per subordinate voting share and multiple voting share (collectively, the shares) at June 30, 2021, an increase of 6.4% in the quarter and 28.2% year-over-year.
  • Deployed $19.2 million of capital during the quarter into four investments: $6.8 million into BioSyent Inc. (TSXV: RX), $5 million into Quisitive Technology Solutions, Inc. (Quisitive) (TSXV: QUIS), $1.8 million into Hamilton Thorne Ltd. (TSXV: HTL) and $5.6 million into an undisclosed Canadian public company that we are in the process of accumulating.
  • The Company’s $5 million investment in Quisitive was via a private placement, which followed our original $20 million private placement in the company during the first quarter of 2021. In both transactions, the Company earned a capital commitment fee of 3.5% on the aggregate $25 million subscription amount.
  • Quisitive announced that Laurie Goldberg, the Company’s nominee under the Investor Rights Agreement, was elected to its board of directors.
  • Bought back and cancelled approximately 65,000 shares in the first six months of 2021 at an average cost of $3.89 per share, pursuant to FAX Capital’s Normal Course Issuer Bid.
  • Held a cash balance available to be invested of approximately $80 million, or $1.87 per share at June 30, 2021.

"We are pleased with our continued execution in the second quarter," said Blair Driscoll, CEO of FAX Capital. " Our diligent investment process continues to result in consistent growth in our book value per share, which grew more than 6% in the quarter and 28% over the past year driven by strong returns on our deployed capital." 

"Armed with a healthy cash balance, we continue to assess a robust pipeline of potential new investments and acquisitions, including those to complement our recently formed property technology and services platform, which we believe will help us generate strong returns for our shareholders.”

Results for the Three and Six Months Ended June 30, 2021

The Company’s book value per share increased 6.4% from $5.12 per share at March 31, 2021 to $5.45 per share as at June 30, 2021. The 6.4% increase in the book value per share is primarily attributed to the Company recording a net unrealized gain on its public company investments of $15.6 million in the period. Net income for the quarter ended June 30, 2021 was $14.1 million, compared to $5.1 million in the comparative quarter last year.

The Company’s book value per share increased 12.8% from $4.83 per share at December 31, 2020 to $5.45 per share as at June 30, 2021. The 12.8% increase in the book value per share is primarily attributed to the Company recording realized and unrealized gains on its investments of $30.2 million in the period. Net income for the six months ended June 30, 2021 was $26.5 million, compared to a net loss of $4.1 million in the comparative period last year.

Other Information  

Further information about FAX Capital, including FAX Capital’s Financial Statements and Management’s Discussion & Analysis for the six months ended June 30, 2021 and the year ended December 31, 2020, are available under the Company’s profile at and The Company’s updated investor presentation and factsheet in respect of the second quarter of 2021 contain further information on FAX Capital’s strategy and operations and can be accessed on the Company’s website. Shareholders are encouraged to read these documents.

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 additional information please contact:

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

Media Relations
Kieran Lawler
Telephone: (416) 303-0799
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Cautionary Statement Regarding Use of Non-IFRS Accounting Measures

This press release makes reference to the following financial measure which is not recognized under International Financial Reporting Standards (IFRS) and which does not have a standard meaning prescribed by IFRS: “book value per share”. The Company’s book value per share is a measure of the performance of the Company as a whole. Book value per share is measured by dividing shareholders’ equity of the Company at the date of the statement of financial position by the number of subordinate voting shares and multiple voting shares outstanding at that date. The Company’s method of determining this financial measure may differ from other companies’ methods and, accordingly, this amount may not be comparable to measures used by other companies. This financial measure is not a performance measure as defined under IFRS and should not be considered either in isolation of, or as a substitute for, net earnings prepared in accordance with IFRS.

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 or variations thereof. FLS contained or referred to in this press release includes, but is not limited to, the future or expected performance of the Company’s portfolio companies; the Company’s continuing investment thesis in respect of such portfolio companies; the Company’s investment approach, objectives and strategy, including investment selection and pace of continued capital deployment; the ability to realize on further potential investment opportunities; the structuring of its future investments and its plans to manage those investments; the Company’s ability to utilize its Normal Course Issuer Bid; and the Company’s financial performance.

FLS involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes that the expectations reflected in the FLS are reasonable but no assurance can be given that these expectations will prove to be correct. Some of the risks and other factors which could cause results to differ materially from those expressed in FLS contained in this press release include, but are not limited to: the continued impact of COVID-19 on targeted investments, the economy and markets generally, as well as the identified risk factors included in the Company’s public disclosure, including the Annual Information Form dated March 25, 2021, which is available on SEDAR at and on the Company’s website at 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

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