Everyday People Announces Significant Debt Reduction of $14.9 Million Since July 18, 2024
Everyday People Financial Corp. (EPFCF) has achieved a significant debt reduction of $14.9 million between July 2024 and February 2025, resulting in annualized interest savings of $1.7 million. The reduction came from two main sources:
1. The EP Homes business line transition led to a $8.3 million debt reduction (73% decrease) through inventory sales, dropping from $11.4M to $3.1M, saving $1.0M in annual interest.
2. Financial Services settlement agreements resulted in a $6.6 million debt reduction with $720,000 in annual interest savings.
The company announced plans to apply for uplisting from TSXV to TSX, aiming to increase visibility and market access. Additionally, the Board approved 570,000 RSUs for officers and management, vesting one year from grant date.
Everyday People Financial Corp. (EPFCF) ha raggiunto una significativa riduzione del debito di 14,9 milioni di dollari tra luglio 2024 e febbraio 2025, con un risparmio annualizzato sugli interessi di 1,7 milioni di dollari. La riduzione è derivata da due principali fonti:
1. La transizione della linea di business EP Homes ha portato a una riduzione del debito di 8,3 milioni di dollari (decremento del 73%) attraverso la vendita di inventario, passando da 11,4 milioni a 3,1 milioni, con un risparmio di 1,0 milioni di dollari in interessi annuali.
2. Gli accordi di risoluzione dei servizi finanziari hanno comportato una riduzione del debito di 6,6 milioni di dollari con un risparmio annuale di 720.000 dollari in interessi.
L'azienda ha annunciato piani per richiedere il passaggio da TSXV a TSX, puntando ad aumentare la visibilità e l'accesso al mercato. Inoltre, il Consiglio ha approvato 570.000 RSU per funzionari e management, che matureranno un anno dalla data di concessione.
Everyday People Financial Corp. (EPFCF) ha logrado una reducción significativa de la deuda de 14,9 millones de dólares entre julio de 2024 y febrero de 2025, lo que resulta en ahorros anuales de intereses de 1,7 millones de dólares. La reducción provino de dos fuentes principales:
1. La transición de la línea de negocio EP Homes llevó a una reducción de la deuda de 8,3 millones de dólares (disminución del 73%) a través de ventas de inventario, cayendo de 11,4 millones a 3,1 millones, ahorrando 1,0 millones de dólares en intereses anuales.
2. Los acuerdos de liquidación de Servicios Financieros resultaron en una reducción de la deuda de 6,6 millones de dólares con ahorros anuales de 720.000 dólares en intereses.
La empresa anunció planes para solicitar el ascenso de TSXV a TSX, con el objetivo de aumentar la visibilidad y el acceso al mercado. Además, la Junta aprobó 570.000 RSU para funcionarios y gerentes, que se consolidarán un año después de la fecha de concesión.
Everyday People Financial Corp. (EPFCF)는 2024년 7월부터 2025년 2월 사이에 1,490만 달러의 상당한 부채 감소를 달성하여 연간 이자 절감액이 170만 달러에 이릅니다. 이 감소는 두 가지 주요 출처에서 발생했습니다:
1. EP Homes 사업 부문의 전환으로 인해 재고 판매를 통해 830만 달러의 부채 감소(73% 감소)가 있었으며, 부채는 1,140만 달러에서 310만 달러로 줄어들어 연간 100만 달러의 이자를 절감했습니다.
2. 금융 서비스 합의로 인해 660만 달러의 부채가 감소하고 연간 72만 달러의 이자 절감이 이루어졌습니다.
회사는 TSXV에서 TSX로의 상장 전환을 신청할 계획을 발표하여 가시성과 시장 접근성을 높이는 것을 목표로 하고 있습니다. 또한 이사회는 임원 및 관리자를 위한 57만 개의 RSU를 승인하였으며, 이는 부여일로부터 1년 후에 권리가 발생합니다.
Everyday People Financial Corp. (EPFCF) a réalisé une réduction significative de sa dette de 14,9 millions de dollars entre juillet 2024 et février 2025, entraînant des économies annuelles d'intérêts de 1,7 million de dollars. Cette réduction provient de deux principales sources :
1. La transition de la ligne de business EP Homes a conduit à une réduction de la dette de 8,3 millions de dollars (diminution de 73%) grâce à des ventes de stocks, passant de 11,4 millions à 3,1 millions, économisant ainsi 1,0 million de dollars en intérêts annuels.
2. Les accords de règlement des services financiers ont abouti à une réduction de la dette de 6,6 millions de dollars avec des économies annuelles d'intérêts de 720 000 dollars.
L'entreprise a annoncé son intention de demander un transfert de TSXV à TSX, visant à accroître la visibilité et l'accès au marché. De plus, le Conseil a approuvé 570 000 RSU pour les dirigeants et la direction, qui seront acquis un an après la date d'attribution.
Everyday People Financial Corp. (EPFCF) hat zwischen Juli 2024 und Februar 2025 eine signifikante Schuldenreduzierung von 14,9 Millionen Dollar erzielt, was zu jährlichen Zinsersparnissen von 1,7 Millionen Dollar führt. Die Reduzierung stammt aus zwei Hauptquellen:
1. Der Übergang der Geschäftseinheit EP Homes führte zu einer Schuldenreduzierung von 8,3 Millionen Dollar (73% Rückgang) durch den Verkauf von Inventar, das von 11,4 Millionen auf 3,1 Millionen Dollar gesenkt wurde, wodurch 1,0 Millionen Dollar an jährlichen Zinsen gespart wurden.
2. Finanzdienstleistungs-Vergleichsvereinbarungen führten zu einer Schuldenreduzierung von 6,6 Millionen Dollar mit jährlichen Zinsersparnissen von 720.000 Dollar.
Das Unternehmen kündigte Pläne an, einen Antrag auf Auflistung von TSXV auf TSX zu stellen, um die Sichtbarkeit und den Marktzugang zu erhöhen. Darüber hinaus genehmigte der Vorstand 570.000 RSUs für Führungskräfte und das Management, die ein Jahr nach dem Zuteilungsdatum fällig werden.
- Significant debt reduction of $14.9M improving balance sheet strength
- Annual interest expense savings of $1.7M
- 73% reduction in EP Homes debt from $11.4M to $3.1M
- Planned uplisting to TSX could improve stock liquidity and institutional access
- TSX uplisting approval not guaranteed
- Potential dilution from 570,000 RSUs grant to management
Edmonton, Alberta--(Newsfile Corp. - February 20, 2025) - Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) ("Everyday People" or the "Company"), a financial service provider, is pleased to announce a reduction of approximately
Transitioning our EP Homes business line to the Company's new Borrowed Down Payment Program, has resulted in a reduction in debt as a direct result of selling EP Homes inventory to clients eliminating high-cost debt off the balance sheet of
In addition, the prior settlement agreements entered into by the Company through our Financial Services business line, on September 30, 2024, January 17, and 28, 2025, resulted in a
"Our focus remains on strengthening our balance sheet while continuing to focus in key growth areas," said Dil Boparai, Chief Financial Officer of the Company. "Reducing our debt enhances our ability to execute our long-term strategy and drive sustainable value for our stakeholders."
Plans to Uplist to TSX
The Company is also excited to announce that it is preparing an application to graduate from the TSX Venture Exchange ("TSXV") to the Toronto Stock Exchange ("TSX"). The Company is actively working towards meeting all applicable listing requirements and will submit its application in due course. While the Company believes it is well positioned for this transition, there is no assurance that the TSX will approve the application. Graduating to the TSX represents a significant milestone for Everyday People, reflecting its strong financial performance, operational growth, and commitment to enhancing shareholder value. This transition, once approved, is expected to increase the Company's visibility among institutional investors, improve liquidity, and provide access to a broader capital market. The Company will provide further updates as the application process progresses. Until TSX approval is granted and a final listing date is determined, Everyday People will continue to trade under its current ticker symbol on the TSX Venture Exchange.
Issuance of Restricted Share Units
The Company is also pleased to announce that the Board of Directors has approved the grant of an aggregate of 570,000 restricted share units ("RSUs") to certain officers and management pursuant to its omnibus share incentive plan (the "Plan"), for their service during the 2024 fiscal year. Each RSU entitles the recipient to receive, upon vesting, one common share in the capital of the Company. The RSUs shall vest one year from the date of grant.
The Plan provides for the grant RSUs, options ("Options"), performance share units ("PSUs" and together with the RSUs, "Share Units") and deferred share units ("DSUs" and together with the Options and Share Units, "Awards"). The Plan includes a "rolling" stock option plan component that sets the maximum number of common shares in the capital of the Company ("Common Shares") reserved for issuance, in the aggregate, pursuant to the exercise of Options granted thereunder, together with the number of Common Shares reserved for issuance pursuant to the settlement of Share Units and DSUs granted under the Plan and the number of Common Shares reserved for issuance pursuant to any other security based compensation arrangement of the Company, at
The Company's Plan was annually approved by the Company's shareholders at its annual and special meeting held July 25, 2024, and subsequently received annual approval from the TSX Venture Exchange on July 29, 2024.
About Everyday People Financial Corp.
Everyday People is founded on the belief that everyone deserves a second chance to financially reestablish themselves with access to affordable credit products. We are changing the way people manage money by enhancing our client services with our own affordable and specialized financial products and literacy programs. We're helping everyday people rebuild their financial health for generational wealth. Operating in the United Kingdom, Canada, and the United States of America, we have a workforce of about 500 people and our operations were first established in 1988,The company includes two main pillars of business: one pillar, EP Revenue Cycle Management operates under our Co-CEO RCM, Graham Rankin, and one pillar, EP Financial Services operates under our Co-CEO Financial Services, Barret Reykdal. We stand for creativity and entrepreneurship. Our combination of companies, products and services has been established to ensure we can fulfill consumers' financial needs and service them in a low-cost and effective manner.
For more information visit: www.everydaypeoplefinancial.com.
Contact
Barret Reykdal
Co-CEO, Financial Services of Everyday People Financial Corp.
letsconnect@epfinancial.ca
1 888 825 9808 (Press Option 2 for Investor and Media Relations)
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. All statements other than statements of historical fact may be forward‐looking statements and information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the Company's strategic initiatives. Forward-looking information can also be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking statements include, but are not limited to, statements with respect to financial performance, results of operations, integration of the acquired businesses, and the business, plans, strategy and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company at the time such statements are made, 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, 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. The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. 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. Forward-looking statements are made based on management's beliefs, estimates, and opinions on the date that statements are made. 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/241674
FAQ
How much debt did Everyday People Financial (EPFCF) reduce since July 2024?
What are the annual interest savings from EPFCF's debt reduction?
How much did EP Homes debt decrease in the recent reduction?
What is EPFCF's plan for stock exchange uplisting?
How many RSUs did EPFCF grant to management in 2024?
