Rifco Inc.: Rifco Provides Update
Rifco Inc. (TSXV: RFC) ("
Rifco" or the "
Company") is pleased to provide its investors with an update on the Company.
Rifco, now led by a new Chief Executive Officer, Jeffrey Newhouse, and a new Board of Directors, has completed its initial review of the current operations of Rifco National Auto Finance Corporation ("
RNAF"), Rifco's single, wholly owned, subsidiary operating entity.
The Board together with Newhouse have established the following near-term objectives for RNAF:
Right-size the organization relative to its current client base, and work towards achieving a consistent 4% return on assets (ROA) managed, as measured by net income before tax, adjusted for non-cash changes in provision for impairment;