FINDEV ANNOUNCES SECOND ADVANCE TO WELLESLEY CONDO PROJECT

FINDEV ANNOUNCES SECOND ADVANCE TO WELLESLEY CONDO PROJECT

TORONTO, CANADA – November 17, 2016 – Further to its announcement via news release dated October 28, 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 Wellesley Residences Corp. for the construction of the condominium project known as “50 at Wellesley Station” 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 $2 million to Wellesley Residences Corp. on November 16, 2016.

 

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.

 

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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Forward-Looking Statements

 

Certain  statements  in  this  document  may  constitute  “forward-looking  statements,  which  involve  known and unknown  risks, uncertainties  and other factors which may cause our actual results, performance  or achievements,  or  industry  results,  to  be  materially  different  from  any  future  results,  performance  or achievements expressed or implied by such forward-looking statements. When used in this document, such statements   use  words  like  “may”,  “will”,  “expect”,  “continue”,   “believe”,  “plan”,  “intend”,  “would”, “could”,   “should”,   “anticipate”    and   other   similar   terminology.    These   statements   reflect   current assumptions  and expectations  regarding  future events and operating  performance  and speak only as of the date of this document. Forward-looking  statements  involve significant risks and uncertainties,  should not  be  read  as  guarantees   of  future  performance   or  results,  and  will  not  necessarily   be  accurate 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.