Edmonton, Alberta–(Newsfile Corp. – November 1, 2023) – Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) (“Everyday People” or the “Company“), a Canadian-based revenue cycle management (“RCM“) consolidator and financial service provider, is pleased to announce that its wholly-owned subsidiary, BPO Collections Limited (“BPO“), has closed the previously announced (the “Acquisition“) of Arvato Financial Solutions Limited (“AFS UK“), pursuant to a definitive share purchase agreement dated October 2, 2023 (the “Purchase Agreement“).
AFS UK is a provider of accounts receivable management services in the United Kingdom (“UK“). AFS UK primarily focuses on providing financial and collection management services in the regulated environment overseen by the UK’s Financial Conduct Authority (“FCA“). AFS UK caters to major creditors operating within the financial services, utilities, telecommunications, and debt purchase sectors.
“Graham Rankin, Co-CEO Revenue Cycle Management of Everyday People, is excited with the opportunities this acquisition brings to our group and looks forward to welcoming Debbie Nolan, Managing Director of Arvato and leading industry expert, into the EP Family.”
Details of the Acquisition
Pursuant to the terms of the Purchase Agreement, BPO has acquired 100% of the issued and outstanding shares in the capital of AFS UK, a wholly owned company of Arvato Group, on a debt-free basis. The Acquisition is an arm’s-length transaction, and the Company will not assume any debt. No finder’s fee was paid in connection with the Acquisition. This transaction is considered not material, does not involve the issuance of Everyday People securities, and does not constitute a fundamental acquisition, and meets other criteria of an “Exempt Transaction” under TSX-V Policy 5.3. The completion of this Acquisition was subject to conditions customary for transactions of this nature, including, but not limited to, the receipt of all requisite third party and regulatory approvals, including the acceptance of the FCA in the UK which the Company received.
About Everyday People Financial Corp.
Everyday People is a revenue cycle management consolidator founded on the belief that everyone deserves a second chance to reestablish and build credit and have access to affordable credit options. We are headquartered in Edmonton, Alberta Canada with operations in Canada and the UK. We are changing the way revenue cycle management agencies work by enhancing our client services with affordable financial products and literacy programs. Utilizing our own specialized credit facilitation products, we’re helping debtors rebuild their financial health and generational wealth.
For more information visit: www.everydaypeoplefinancial.com.
Executive Chairman of Everyday People Financial Corp.
1 888 825 9808
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward-looking statements” or “forward-looking information” (collectively referred to hereafter as “forward-looking statements”) under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the structure and terms of the Acquisition, timing for completion of the Acquisition, timing for receipt of required third party and regulatory approvals, including the acceptance of the TSX Venture Exchange, the ability of the parties to satisfy the conditions of the Acquisition in the required timeframes or at all, the ability of the Company to complete the Acquisition on the terms announced or at all, and the business, plans and operations of the Company. 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, the timely receipt of all required third party and regulatory approvals, including the acceptance of the TSX Venture Exchange and FCA, the inability to satisfy the conditions required to complete the Acquisition, termination of the Purchase Agreement, expectations and assumptions concerning the Company, and the acquired businesses, as well as other risks and uncertainties, including those described in the documents filed by the Company on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, 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. The Company 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 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185777