Findev Inc. Announces 2017Q2 Results

Findev Inc. Announces 2017Q2 Results

Findev Inc. Announces 2017Q2 Results

 

Toronto, Ontario (FSCwire) – Findev Inc. (“Findev” or the “Corporation”) (TSX-V: FDI), is pleased to release its 2017Q2 financial results.

 

During the quarter ended June 30, 2017, key financial highlights are as follows;

 

  • General and administrative expenses declined $94,323 or 47.7% versus the prior quarter;
  • Operating income increased to $225,163 or 55.4% of revenues; and
  • Net income increased to $270,716 or 66.7% of revenues.

 

Management continued to execute its business plan during the second quarter by reducing operating expenses and will seek to continue to reduce operating expenses further during the third quarter to its optimal level.

 

The Corporation declared its third consecutive dividend and anticipates declaring the forth in September.

 

Management is pleased with the speed at which the corporation has been able to reduce operating costs and successfully transition  from a technology company to a finance company in a manner that provided for optimal capital preservation.

 

 

About Findev

 

Findev (www.findev.ca) is a real estate financing company that lends money to residential and retail development projects within the Greater Toronto Area (“GTA”). Findev’s unique market advantages include its expertise in real estate development and access to its development partners. This provides Findev with a strategic advantage in lending to developers engaged in challenging projects.

 

On behalf of the Corporation,

 

Sruli Weinreb, CEO
(647) 789 – 5188
sweinreb@findev.ca

 

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 Corporation’s most recently filed Management Discussion and Analysis 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.