06:29:56 EDT Thu 23 Mar 2023
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or Name

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Axis Auto Finance Inc
Symbol AXIS
Shares Issued 124,306,422
Close 2022-07-06 C$ 0.47
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Axis Auto arranges $55M financing with Mitsubishi

2022-07-06 13:49 ET - News Release

Mr. Todd Hudson reports


Axis Auto Finance Inc.'s wholly owned subsidiary, Pivotal Capital Corp., has secured an additional financing facility with Mitsubishi HC Capital Canada Inc. (MHCCA).

Pivotal is an independent Canadian commercial equipment finance company active across the transportation, construction, manufacturing and food services sectors. The facility adds to Pivotal's existing financing relationships. Unique in the Canadian marketplace, Pivotal can lend across the credit spectrum with rates from investment grade to subprime.

Facility highlights include a purchase facility, with capacity of up to $50-million in annual purchases, and a warehouse facility, with a limit of $5-million. The facility will be used to finance and purchase the payment receivables generated from commercial finance contracts.

"The addition of this facility means that Pivotal has on balance sheet funding capacity in excess of $100-million. This will drive our aggressive growth plans for fiscal 2023 and continue our national expansion. This is the next step in becoming Canada's largest independent equipment finance company," said president Steven Koster.

Chief executive officer Todd Hudson stated: "Adding the $55-million in funding is an important strategic step for Pivotal. As Pivotal's presence in the market grows, expanding our lending capabilities is crucial. This facility will enable Pivotal to pursue even greater market share."

"We are proud to be part of Pivotal's growth strategy," said Francois Nantel, president of Mitsubishi HC Capital Canada. "Pivotal is a significant player in the equipment finance industry and we believe this will be a mutually beneficial relationship."

About Axis Auto Finance Inc.

Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through its direct-to-consumer portal, DriveAxis, customers can choose their next used vehicle, arrange financing and get the car delivered to their home. In addition, the company continues to grow B2B (business to business) non-prime auto loan originations by delivering innovative technology solutions and superior service to its dealer partner network. All Axis auto loans report to Equifax, resulting in over 70 per cent of customers seeing a significant improvement of their credit scores.

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