Alliance Financing Group Announces Revocation of Cease Trade Orders
July 08 2010 - 6:15PM
Marketwired
Alliance Financing Group Inc. (the "Corporation") (TSX VENTURE:
AFG) is pleased to announce that the Ontario, Alberta and British
Columbia securities commissions have revoked the cease trade orders
previously issued against the common shares of the Corporation. The
cease trade orders were imposed for failure of the Corporation to
file its audited financial statements and MD&A for the year
ended March 31, 2009. The Corporation has remedied these defaults
and its continuous disclosure record is now up-to-date. The
Corporation's common shares are currently suspended from trading on
the TSX Venture Exchange.
In connection with its application to revoke the cease trade
orders, the Corporation was requested to and has restated and
refilled its unaudited interim financial statements for the three
and six months ended September 30, 2009 and the three and nine
months ended December 31, 2009 to reflect the write-off of all
goodwill and has also revised and refilled its MD&A for these
periods and for the year ended March 31, 2009 and first quarter
ended June 30, 2009 to provide more comprehensive disclosure.
Management continues to focus on the Corporation's core
commercial finance business, and is actively pursuing new
transaction origination in selected industry verticals. While the
commercial finance market continues to face challenges, including
tightened credit policies, and an overall continued deterioration
in the credit and financial profiles of potential customers during
the past calendar year, the Corporation is seeing indications of
renewed demand for financing throughout most sectors; and quoting
and new application volumes have begun to increase.
The board of directors of the Corporation has commenced a
strategic review process to consider and evaluate alternatives to
maximize value for shareholders. The strategic review will
encompass an evaluation of the Corporation's business plan and
strategy, market valuation and future prospects, and consider the
appropriateness of the Corporation's business structure in the
current environment, the sale of the Corporation or its businesses,
the recapitalization of the Corporation, or any other viable
alternatives identified. This review is ongoing and the Corporation
wishes to emphasize that there can be no assurance that the
strategic review process will result in any transaction. The
Corporation intends to call and hold an annual meeting of
shareholders on or before October 4, 2010.
About Alliance Financing Group Inc.
Alliance Financing is a diversified commercial finance
institution that specializes in providing branded or white labelled
asset based financing solutions, to the SMB (Small to Mid-sized
Business) marketplace and to public sector organizations. Alliance
Financing works within a multi- underwriter business model,
providing a comprehensive suite of financing options available from
selected underwriting partners, which include banks, lessors, and
other financial institutions. Its financing solutions are delivered
through both traditional bricks and mortar channels and various
Internet channels. Alliance Financing maintains a "high-tech, human
touch" philosophy; utilizing a combination of proprietary
technology - such as its private labelled online financing tools,
selected ASP technologies, and a dedicated staff of finance
professionals to deliver its products and solutions. For more
information about Alliance Financing Group Inc. please visit
www.alliancefinancing.com.
Neither 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.
Contacts: Media Inquiries: Alliance Financing Group Inc. Bernard
Shimkovitz, Chief Executive Officer 905-660-3660 ext. 225 Toll
Free: 877-660-3660 905-660-3078 (FAX)
bshimkovitz@alliancefinancing.com www.alliancefinancing.com
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