MISSISSAUGA, ON, Nov. 12, 2021 /CNW/ - Westlake Services, LLC
("Westlake"), a wholly-owned subsidiary of Nowlake
Technology, LLC ("Nowlake") announced on November 12, 2021 that it has acquired (the
"Acquisition") an aggregate of 30,000,000 common shares
("Common Shares") at $0.50 per
Common Share of Axis Auto Finance Inc. ("Axis" or the
"Company"), (TSXV: AXIS), representing approximately 23% of
the issued and outstanding Common Shares pursuant to the
private placement of Axis disclosed in the Company's press release
dated October 19, 2021 and filed on
SEDAR (www.sedar.com).
Prior to the Acquisition, Westlake and its affiliates did not
beneficially own or control any Common Shares. As a result of the
Acquisition, Westlake beneficially owns and controls an aggregate
of 30,000,000 Common Shares, representing approximately 23% of the
issued and outstanding Common Shares. Westlake and an
affiliate of Westlake, Nowcom Corporation ("Nowcom") are
holders of convertible debentures of Axis (the
"Debentures"). If the Debentures were converted in full,
Westlake together with its affiliates would beneficially own and
control an additional 1,888,000 Common Shares, representing
approximately 1% of the issued and outstanding Common Shares. When
aggregated with the 23% acquired by Westlake pursuant to the
Acquisition, and upon conversion in full of the Debentures,
Westlake together with its affiliates would own and control
31,188,000 Common Shares, representing approximately 24% of the
issued and outstanding Common Shares based on the number of shares
issued and outstanding on the date hereof.
Westlake has acquired the Common Shares for investment
purposes. Westlake intends to review its investment in Axis
on a continuing basis. Depending on various factors including,
without limitation, Axis's financial position, the price levels of
the securities, conditions in the securities markets and general
economic and industry conditions, Westlake may in the future take
such actions with respect to its investment in Westlake as it deems
appropriate, including, without limitation and subject to
applicable law, (i) increasing or decreasing its position in Axis
through, among other things, the acquisition or disposition of
securities of Axis through the open market, in privately
negotiated transactions, subscriptions from treasury or otherwise,
(ii) entering into transactions that increase or hedge its economic
exposure to such securities without affecting its beneficial
ownership of such securities, (iii) continuing to hold its current
position and/or (iv) developing plans or intentions or taking
actions which relate to or would result in one or more of the
transactions referred to in items (a) to (k) of Item 5 of
Westlake's early warning report filed on SEDAR.
Ian Anderson currently serves as
president of Westlake. It is expected that Ian Anderson will be nominated by management of
Axis to serve on its board of directors at Axis' next annual
meeting of shareholders.
This press release is being issued pursuant to National
Instrument 62-103 – The Early Warning System
and Related Take-Over Bid and Insider Reporting Issues
which requires a report to be filed under the Issuer's profile
on SEDAR (www.sedar.com) containing additional information
respecting the foregoing matters. A copy of such
report may be obtained by contacting Ilja Troitschanski,
President at Axis Auto Finance Inc., 55 Standish Court, 7th Floor,
Mississauga, Ontario L5R
4B2.
About Westlake Services, LLC:
Westlake provides indirect financing solutions to thousands of
automotive dealers throughout the United
States, as well as offering auto loan refinancing, secured
loans, and personal loans direct to consumer through
LoanCenter.com, Westlake also offers third-party servicing for
medium to large scale automotive, personal loan, and secured loan
portfolios from finance companies, credit unions, and investments
companies. Nowcom, LLC develops technology solutions for the
automotive and financial services sectors, including Westlake.
Westlake is organized under the laws of the State of California.
SOURCE Westlake Services, LLC