Red Deer, Alberta, / TheNewswire / January 3, 2017: Rifco Inc. (TSXV-RFC) (the “Company”) is pleased to announce that, further to the news release of the Company dated September 20, 2016, Mr. Warren Van Orman has been appointed as Vice President and Chief Financial Officer effective January 3, 2017.

 

In his role as Rifco’s Chief Financial Officer, Mr. Van Orman will be responsible for leading the accounting and finance department and key supporting functions, including treasury, controller, tax, internal audit, investor relations, corporate strategy, and forecasts and planning. Mr. Van Orman is succeeding Mr. Lance Kadatz in the Chief Financial Officer role.

 

As part of the employment offer, the Board of Directors has approved the grant of 125,000 stock options to Mr. Van Orman. The options were granted at an exercise price of $1.94 per common share and will expire on January 3, 2022. The options will vest over three years.

 

The Company thanks Mr. Lance Kadatz for his service as Vice President and Chief Financial Officer of the Company and looks forward to a continued relationship with Mr. Kadatz as he remains a member of the Company’s board of directors.

 

About Rifco

 

Rifco Inc. operates through its wholly owned subsidiary Rifco National Auto Finance Corporation in order to provide automobile loans through its dealership network across Canada.  

 

Rifco National Auto Finance provides consumers with financing options on new and used vehicles.  Rifco specializes in building long-term partnerships with dealers by investing time in personalized services through dedicated account representatives.  Rifco’s quick credit decisions, common sense lending, and expedited funding processes give its dealers better financing options and more closed deals.  Rifco’s most successful partnerships result in Fast Forward 500 Club status for its loyal dealerships.

 

Rifco is committed to continuing growth.  Key strategies for achieving this growth include the expansion of its automobile dealer base and excellence in credit and collections processes.

 

The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol “RFC”. There are 21.57 million shares (basic) outstanding and 23.05 million (fully diluted) shares.

 

CONTACT:

Rifco Inc.

Warren Van Orman

Vice President and Chief Financial Officer

Telephone: 1-403-314-1288 Ext 7007

Fax: 1-403-314-1132

Email: vanorman@rifco.net

Website: www.rifco.net

 

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.