FINDEV ANNOUNCES SECOND ADVANCE TO CONDO PROJECT AND CHANGE IN FINANCIAL YEAR-END

FINDEV ANNOUNCES SECOND ADVANCE TO CONDO PROJECT AND CHANGE IN FINANCIAL YEAR-END

TORONTO, CANADA – October 28, 2016 – Further to its announcement via news
release dated October 14, 2016 concerning the advance by Findev Inc. (TSX-V: FDI)
(the “Company” or “Findev”) of a mezzanine loan in the amount of $5.5 million to
Musee Residences Corp. for the construction of the condominium project known as
“Musee – King Adelaide West” in Toronto, Ontario and in connection with its
proposed change of business from one focused on the digital distribution of games
for Smart TVs, next-generation set-top boxes and over-the-top devices, to that of
lending to, investing in and financing real estate transactions (the “Proposed COB”),
the Company is pleased to announce the advance of a second mezzanine loan in the
amount of $5.5 million to Wellesley Residences Corp. for the construction of the
condominium project known as “50 at Wellesley Station” in Toronto, Ontario. The
loan bears interest at the rate of 10% per annum and matures on December 31,
2019. The Company will make other mezzanine loans as described in its management
information circular dated August 23, 2016 in connection with the Proposed COB,
subject to available funds and maintaining unallocated working capital thresholds.
The TSX-V has conditionally approved the Proposed COB, subject to the completion
and satisfaction of certain conditions.
In addition, the Company’s Board of Director’s has resolved to change the
Company’s financial year-end from May 31st to December 31st. This change will
better align the Company’s financial reporting periods to that of other industry
participants in the real estate sector and facilitate assessment of the Company’s
business performance against its peers. As part of the change, the Company will
report a one-time seven-month transition year covering the months June 2016 to
December 2016. Subsequent to the transition year, the Company’s first full financial
year will cover the period January 1, 2017 to December 31, 2017. A Notice of Change
in Year-End has been filed by the Company on SEDAR pursuant to National
Instrument 51-102.
On behalf of the Company,
Sruli Weinreb, CEO
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.
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indications of whether or not such results will be achieved. A number of factors could cause actual results
to vary significantly from the results discussed in the forward-looking statements, including, but not
limited to, the factors discussed under the “Risk Factors” section of the Company’s the most recently filed
Annual Report which is available on SEDAR at www.sedar.com.
Although the forward-looking statements contained in this document are based upon what we believe are
reasonable assumptions, we cannot assure investors that our actual results will be consistent with these
forward-looking statements. We assume no obligation to update or revise these forward-looking
statements to reflect new events or circumstances, except as required by securities law