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TORONTO, March 16, 2020 (GLOBE NEWSWIRE) -- As a result of recent market volatility and increasing investor inquiries, FAX Capital Corp. (the Company) (TSX: FXC & FXC.WT) is today providing an operational update. As per previous guidance, the unaudited book value per share of the Company as at December 31, 2019 was approximately $4.30 per share. Since that time, the Company has begun to deploy capital into a number of public investments, in accordance with its business objective and investment strategies, and has invested approximately 15% of its total cash resources. Management is encouraged by the increasingly attractive opportunities this recent market sell-off has provided to accumulate shares of target companies at lower prices. The Company’s investment team continues to evaluate additional investment opportunities, and is committed to its rigorous diligence process with a focus on high-quality, durable companies. Currently, none of the Company’s investments are in the energy or resource sectors.
As a general policy, the Company does not publicly comment on unusual market activity. However, in response to increasing requests by investors to the Company to provide guidance, the Company is providing this operational update to ensure that information regarding the Company is not selectively disclosed.
About FAX Capital Corp.
The Company is an investment holding company with a business objective to maximize its intrinsic value on a per share basis over the long-term by seeking to achieve superior investment performance commensurate with reasonable risk. The Company intends to invest in equity, debt and/or hybrid securities of high-quality businesses. The Company initially intends to invest in approximately 10 to 15 high-quality small cap public and private businesses located primarily in Canada and, to a lesser extent, the United States.
For additional information please contact:
Investor Relations
Sophia Tang, Investor Relations
Telephone: (416) 860-6108
Email: IR@faxcapitalcorp.com
Website: www.faxcapitalcorp.com
Media Relations
Tim Foran
Telephone: (416) 986-8515
Email: tim.foran@loderockadvisors.com
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information. Such forward-looking information or statements (FLS) are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the anticipated investment pipeline of the Company and the Company’s ability to take advantage of recent market volatility.
FLS is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such FLS is reasonable, undue reliance should not be placed on FLS because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such FLS include, but are not limited to, the timing and terms associated with any potential investment opportunities, the continued impact of coronavirus (COVID-19) and falling or volatile oil prices on targeted investments, the economy and markets generally, as well as the identified risk factors included in the Company’s public disclosure, including the long-form prospectus dated October 18, 2019. The FLS in this press release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review the Company's continuous disclosure filings that are available at www.sedar.com.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this release.