TORONTO, April 28, 2020 /CNW/ - Cliffside Capital Ltd.
("Cliffside") (TSXV:CEP) announces that it intends to rely
on the temporary blanket relief ("Relief") for market participants
from certain regulatory filings published by the Canadian
securities regulators on March 23,
2020, as a result of the COVID-19 pandemic. This Relief
provides Cliffside with a 45-day extension to file its Financial
Statements and Management's Discussion and Analysis ("MD&A")
for the year ended December 31, 2019
(the "Annual Filings") and its Financial Statements and MD&A
for the period ended March 31, 2020
(the "Q1 Filings"). Cliffside expects to file the Annual Filings on
or before June 15, 2020 and the Q1
Filings on or before July 16,
2020.
Cliffside confirms that its management and other insiders
are subject to its Insider Trading Policy that reflects the
principles in section 9 of National Policy 11-207, such that they
are in a black-out period until the commencement of the second
trading day after the Annual Filings and Q1 Filings have been
disclosed by way of a news release.
COVID-19 Impact and Outlook
The emergence of the
COVID-19 pandemic in Canada during
March is expected to adversely impact Cliffside's results. It is
challenging to predict the financial performance in upcoming
reporting periods with reasonable accuracy due to the lack of
visibility around the duration and ensuing severity of the crisis.
To mitigate the financial impact from the COVID-19 on the limited
partnerships ("Partnership"), in which Cliffside holds its
investments, the Partnerships and their servicer are proactively
engaged in preserving the value of the Partnerships' assets.
Other than as disclosed above and previously in Cliffside's
press releases, there have been no material business developments
since the last interim financials statements and management's
discussion and analysis were filed.
Further information on Cliffside is available on SEDAR at
www.sedar.com.
About Cliffside
Cliffside is focused on investing in strategic partnerships with
parties who have specialized expertise and a proven track record in
originating and servicing loans and similar types of financial
assets. Cliffside's strategy is to generate revenue as an investor,
affording its shareholders an opportunity to invest in the growing
alternative lending sector with the potential for attractive yields
and minimal operational risk while earning a reliable total return.
For more information, visit www.cliffsidecapital.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the business and operations
of Cliffside. Forward-looking statements are necessarily based upon
a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the results of operations; potential for
conflicts of interests; as well as volatility of Cliffside's common
share price and volume. There can be no assurance that such
statements will prove to be accurate or complete, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Cliffside disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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.
SOURCE Cliffside Capital Ltd.