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RIFCO Renews $30 Million Securcor Trust Securitization Facility

^{Published on 2009-07-31 09:14:14, Last Modified on 2009-07-31 09:14:21 - Market Wire}
 

 RED DEER, AB, July 31 /CNW/ - RIFCO Inc. (TSXV: RFC) is pleased to announce that it has received its 4th annual renewal on its funding facility with Securcor Trust. This renewal replaces the previous $30M facility with a new facility in the same amount. RIFCO's strong loan performance within the facility continues to generate monthly cash holdback releases in accordance with the facility parameters. The Company must continue to meet certain financial covenants under the renewal. Identical covenants were met throughout the past year under the previous agreement. The renewed facility continues under the Master agreement completed on March 31, 2005 for a 12 month term that will expire on July 31, 2010. RIFCO employs a balanced approach for loan portfolio funding of equity, senior debt lines, subordinated debt and loan securitization funders. RIFCO Inc.'s business operating entity, the wholly-owned subsidiary, Repair Industry Finance Corporation (the "Company") is party to the agreement with Securcor Trust (the "Master Agreement") pursuant to which the Company may transfer secured vehicle loans to Securcor Trust for payment of an amount calculated pursuant to the Master Agreement. The Master Agreement provides that the Company may request the transfer of loans from time to time, subject to certain minimums, up to a total facility amount of $30 million. About Securcor Corporation (Administrative Agent for Securcor Trust) -------------------------------------------------------------------- Securcor is a specialized Toronto-based investment banking operation providing customized securitization and structured financing services to mid and large sized Canadian companies. Securcor has a strong presence in the automotive dealer and automotive leasing industry. Securcor has key funding relationships with several leading Canadian and U.S. financial institutions. Securcor senior management team has more than 125 years of related industry experience. The address of the Securcor website is [ www.securcor.com ]. About RIFCO Inc --------------- RIFCO is one of Canada's fastest-growing automotive finance companies. Non-traditional auto loans are indirectly originated through a growing network of selected new and used vehicle dealers operating in all provinces except Saskatchewan and Quebec. The common shares of RIFCO INC. are traded on the TSX Venture Exchange under the symbol "RFC". There are 19.23 million shares outstanding and 20.98 million (fully diluted) shares. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release 

For further information: RIFCO INC. Lance A. Kadatz, Vice President and Chief Financial Officer, Telephone: (403) 314-1214 EXT 111, Fax: (403) 314-1132, Email: [ kadatz@rifco.net ], Website: [ www.rifco.net ]