Difference Capital Reports First Quarter 2019 Results

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TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- (“” or the “”) (), today reports its financial results for the first quarter ended March 31, 2019.

Net gain for the quarter ended March 31, 2019 was $3.4 million, or $0.59 per share compared to net income of $3.6 million, or $0.62 per share for the quarter ended December 31, 2018, and a net loss of $4.0 million, or $0.68 per share for the quarter ended March 31, 2018.

For the three months ended March 31, 2019, the Company had a net realized gain on disposition of investments and marketable securities of $9.3 million, compared to a realized loss on disposition of $0.2 million during the same period last year and a realized loss of $0.1 million during the fourth quarter of 2018. The net realized gain during the recent quarter was primarily due to the sale of the majority of the Company’s position in Vena.

For the three months ended March 31, 2019, the Company recorded $5.2 million of unrealized loss on investments and marketable securities, compared to a net unrealized loss of $2.4 million during the same period last year and a net unrealized gain of $5.0 million during the fourth quarter of 2018. The significant changes in unrealized gain (loss) of the Company’s investments and marketable securities during the quarter were as follows:

Other income during the three months ended March 31, 2019 included interest and dividend income of $15,000 and net change in unrealized FX gain on liabilities of $0.3 million, compared to $0.2 million of interest and dividend income in the same period of 2018 and $27,000 in the previous quarter.

Total expenses for the quarter ended March 31, 2019 were $1.0 million, compared to $1.5 million in the same quarter of 2018 and $1.3 million in the previous quarter. The expenses for each of the quarters ended March 31, 2019 and December 31, 2018 included $0.4 million of interest on the Private Debentures and nil for the Convertible Debentures, which matured in July 2018. Expenses for the quarter ended March 31, 2018 included $0.8 million of interest on the Convertible Debentures but nil for the Private Debentures, which were not issued until June 2018.

On April 15, 2019, DCF announced its intent to merge with Mogo Finance Technology Inc., its largest single investment, representing approximately 25% of the Company’s equity value. The Company will soon mail a circular to all shareholders with disclosure on the proposed transaction. Shareholders will consider the proposal at the Annual General and Special Shareholders’ meeting to be held on June 18, 2019, 4:30 p.m. Toronto time, at the registered office of the Company, 365 Bay Street, Suite 800, Toronto, Ontario, M5H 2V1.

Please refer to the section regarding forward-looking statements which form an integral part of this release. These results, along with the audited financial statements and the company's MD&A, are available on the company's website at and on SEDAR at .

Difference Capital Financial Inc. invests in and advises growth companies. We leverage our capital market expertise to help unlock value in technology, media and healthcare companies as they approach important milestones in their business lifecycle.

Certain statements contained in this press release may be deemed “forward-looking statements.” Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “scheduled,” “will seek,” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although DCF believes that the expectations reflected in those forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. DCF undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

Tom ListonChief Investment Officer(416) 649-5016

More news and information about Difference Capital Financial Inc.

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Globe Newswire: 21:47 GMT Wednesday 15th May 2019

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