TORONTO,
July 15, 2014 /CNW/ - Callidus
Capital Corporation ("Callidus" or the "Company") (TSX: CBL), a
provider of flexible and innovative asset-based loans, announced
today an update on the current status of its business.
We are pleased to report that as at July 10, 2014, our gross loans receivable were
$545 million, with an aggregate
committed amount of $674 million.
This represents an increase from our position on May 8, 2014 when we reported gross loans
receivable of $480 million and an
aggregate committed amount of $588
million. As stated during our earnings teleconference call
on May 15, 2014, this disclosure is
consistent with our intention to inform the market should the loan
portfolio move by more than $65
million.
Additionally, our pipeline of potential new
loans is currently approximately $552
million, for which we have signed back term sheets that we
are pursuing of approximately $218
million, recognizing that not all of these potential loans
will close.
We are also pleased to announce that we have
hired Sylvain Raymond, as a senior
originator who will be located in Montreal, Quebec. This highlights our
continuing efforts to grow our team in order to enhance and
complement our geographic coverage in certain Canadian and US
markets. We will continue to provide you with updates as we make
progress regarding our growth initiatives.
About Callidus Capital Corporation
Established in 2003, Callidus Capital
Corporation is a Canadian company that specializes in innovative
and creative financing solutions for companies that are unable to
obtain adequate financing from conventional lending institutions.
Unlike conventional lending institutions who demand a long list of
covenants and make credit decisions based on cash flow and
projections, Callidus credit facilities have few, if any, covenants
and are based on the value of the company's assets, its enterprise
value and borrowing needs. Callidus employs a proprietary system of
monitoring collateral and exercising control over the cash inflow
and outflows of each borrower, enabling Callidus to very
effectively manage any risk of loss.
Non-IFRS Measures
This press release contains references to
gross loans receivable, which is not a generally accepted
accounting measure under International Financial Reporting
Standards and therefore the definition used by the Company may
differ from the definition of such term used by other entities. The
Company defines "gross loans receivable" as the sum of (i) the
aggregate amount of loans receivable on the relevant date, (ii) the
loan loss allowance on such date, (iii) the book value of assets
held for sale as they appear on the balance sheet, and (iv)
discounts on loan acquisitions. Management believes that gross
loans receivable is a useful supplemental measure that may assist
purchasers in assessing the financial performance and the cash
anticipated to be generated by the Company's business. Gross loans
receivable should not be considered as the sole measure of the
Company's performance and should not be considered in isolation
from, or as a substitute for, analysis of the Company's financial
statements.
SOURCE Callidus Capital Corporation