TORONTO, Oct. 2, 2015 /CNW/ - Callidus Capital
Corporation Inc. (TSX: CBL) continues to welcome a debate about
the company's strategy, prospects and performance, which would
enable management to address the inaccuracies that have harmed its
investors notwithstanding the company's excellent operating
results.
Callidus has received today's offer by Greg Boland, CEO of West Face Capital Inc., to
participate in such a debate in exchange for a release from the
current litigation against West Face. That condition, however,
would breach Callidus' duty to its shareholders.
"Callidus is growing quickly, and we have met or exceeded every
operating metric outlined by management at last year's IPO. It
gives investors access to one of the best-performing distressed
fund managers in the world, on terms that favour public
shareholders," said Newton Glassman,
Chief Executive Officer of Callidus. "While we relish a debate
about the facts, we cannot breach our fiduciary duty and abdicate
an asset owned by our beneficiaries, no matter how much that may
serve Mr. Boland's purposes."
The facts and Callidus' operating performance speak for
themselves. Callidus and Mr. Glassman stand ready to argue
those facts – with no strings attached and no agenda other than the
protection of the public shareholders' assets.
In addition, Mr. Glassman pledged personally to donate a minimum
of $250,000 to a reputable charity
should Mr. Boland or other relevant parties come to debate the
facts of Callidus on mutually acceptable terms.
Mr. Glassman also indicated that the Catalyst Capital Group
Inc., which owns a controlling stake in Callidus, has completed
fundraising for its Catalyst Fund Limited Partnership V, exceeding
its target of US$1.25 billion and
with commitments that exceed its hard cap of $1.5 billion, in less than six months since its
first close. This is a sign of the strength of the Catalyst
franchise, and the expertise that is offered to Callidus
shareholders.
About Callidus Capital Corporation
Established in
2003, Callidus Capital Corporation is a Canadian company that
specializes in innovative and creative financing solutions for
companies that are unable to obtain adequate financing from
conventional lending institutions. Unlike conventional lending
institutions which demand a long list of covenants and make credit
decisions based on cash flow and projections, Callidus credit
facilities have few, if any, covenants and are based on the value
of the company's assets, its enterprise value and borrowing needs.
Callidus employs a proprietary system of monitoring collateral and
exercising control over the cash inflow and outflows of each
borrower, enabling Callidus to manage any risk of loss very
effectively.
SOURCE Callidus Capital Corporation