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;