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Calgary Council Cracks Down on City Payday Loan Operators

In the November 9th meeting of the Calgary City Council a report from the Calgary Planning Commission was presented on the subject of pawn shops and pay day loans in the Calgary area.

Of particular concern to the commission was the tendency for these businesses to coalesce

It reported that there were 82 payday lending […]

Payday loan industry defends its practices in Calgary as city considers restrictions

Stan Keyes, the head of a Canadian payday lenders association, says a push by city councillors for tighter restrictions on the industry in Calgary to reduce poverty is uniformed and misguided.

“It’s easy to say they take advantage of people,” Keyes said. “The truth is that among other small credit options … a payday loan might be the smartest option. These loans are less expensive than a series of overdrafts or defaulting on an auto loan or mortgage.”

At Monday’s council meeting, Brian Pincott, Druh Farrell and Andre Chabot will introduce a motion that calls on a clear definition of “payday loan businesses,” for bylaw amendments to prevent clustering of payday businesses and for higher licensing fees.

The motion says payday loan businesses and other “fringe financial lenders,” such as pawnbrokers and cash-for-gold operations, thwart poverty-reduction efforts by municipal and provincial governments.

“They rely on repeat customers. They encourage repeat loans,” Farrell said Sunday. “Often if people are unable to pay back the loan they encourage them to renew the loan and those are at usury interest rates.”

The motion follows recommendations made last June by a Calgary social services agency for the city to adopt stricter regulations on the payday loan industry.

‘The Real Cost of Payday Lending’ report by Momentum Community Economic Development said consumers should be adequately shielded through regulations and for governments, financial institutions and non-profits sectors to fill the void created by tighter rules.

“Consumers should be able to access it at a reasonable annual rate of interest,” said the report.

Canada’s Criminal Code allows for loans up to $1,500 for a maximum 62 days and caps the annual interest rate of 60 per cent. However, provinces can circumvent that cap and allow payday lenders to charge higher, annualized, rates.

Alberta, for example, allows payday lenders to charge up to 23 per cent interest on the principal amount.

Momentum said the provincial government should repeal the Alberta Payday Loans Regulations and adopt the Criminal Code’s maximum rate.

“(Payday lenders) are focusing on neighbourhoods where they can exploit the residents that can live there,” Farrell said. “We need people living in poverty, low-income wage earners to have more stable financial practices.”

Keyes dismissed the suggestion the payday loan industry targets low-income people, saying the businesses are often in walkable corridors and in stripmalls near banks.

He said the payday loan industry would welcome traditional financial institutes introducing similar short-term, small sum loans because the consumer would benefit from more options.

“The repercussions of putting too many restrictions on our industry could result in the industry in saying, ‘We’re scaling back,’ ” he said. “Where does that put the consumer? Going to unregulated, unlicensed online lenders is a real threat right across Canada today.”

Keyes hoped to speak on behalf of the industry at an upcoming SPC planning and urban development meeting later this month.

thowell@calgaryherald.com

Twitter@TSHowell

[…]

DirectCash Payments Inc. Announces Payday Loan Customer Has Successfully Obtained Court Order for Creditor Protection

CALGARY, ALBERTA–(Marketwired – Apr 15, 2014) – DirectCash Payments Inc. (DCI.TO) (the “Company” or “DCPayments”) announces that one of its payday loan customers, Cash Store Financial Inc. (“Cash Store”) (CSF.TO), has obtained an order from the Ontario Superior Court of Justice granting the Cash Store’s application for protection from its creditors under the Companies’ Creditors Arrangement Act (“CCAA”).

DCPayments currently expects Cash Store’s operations to continue as normal during the CCAA proceeding and will advise of any anticipated effects on the Company’s business, if any, going forward.

Management Commentary

“DCPayments remains committed to working with Cash Store through this process and looks forward to continuing to provide our prepaid and ATM products on a business as usual basis” said Jeffrey J. Smith, President & CEO.

DCPayments is the largest branded ATM provider in Canada and Australia, and the third largest branded ATM provider in the United Kingdom. DCPayments is one of the leading providers of branded non-financial institution debit terminals and prepaid card products in Canada. DCPayments offers ATM services in Mexico and New Zealand.

Additional information about the Company is available on SEDAR (www.sedar.com) and our website at www.directcash.net.

Forward-looking Statements

In the interest of providing DCPayment’s shareholders and potential investors with information regarding DCPayments, including management’s assessment of the future plans and operations of DCPayments, certain statements contained in this news release constitute forward-looking statements or information (collectively “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “could”, “plan”, “intend”, “should”, “believe”, “outlook”, “potential”, “target” and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to the Company’s expectation that the customer’s business will continue operating as normal throughout the CCAA proceedings.

With respect to forward-looking statements contained in this news release, DCPayments has made assumptions regarding, among other things, the receipt of required approvals (including Court approval) of the debtor-in possession financing and such financing will be sufficient to enable the customer to carry on operations in the ordinary course and that the customer’s public announcement of its intentions to complete such proceedings and the customer’s publically stated expectation that it will continue operations in the ordinary course during such proceedings represent a fair and accurate assessment of the customer’s affairs and expectations.

Although DCPayments believes that the expectations reflected in the forward looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. These risks and uncertainties include, among other things, the failure of the customer to receive Court and other approvals for the above noted proceedings (including the debtor-in possession financing), that the customer’s business, operations and contracts with the Company will be adversely effected in the proceedings (or otherwise), that the customer’s announcement that it expects to continue operations in the normal course throughout such proceedings is not a fair or reasonable assessment of its affairs and the other factors described under “Risk Factors” in the Company’s most recently filed Annual Information Form available in Canada at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this news release speak only as of the date of this news release. Except as expressly required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Company EarningsFinance Contact:

DirectCash Payments Inc.

Brenda G. Hughes

Chief Financial Officer

(403) 387-2103

bhughes@directcash.net

DirectCash Payments Inc.

Amanda J. Gallacher

Vice President, Investments

(403) 387-2158

investorrelations@directcash.net
www.directcash.net […]

Mart Announces $0.05 Per Common Share Dividend and Finalization of US$100 Million Secured Term Loan Facility

CALGARY, ALBERTA–(Marketwired – Jun 26, 2013) – Mart Resources, Inc. (TSX VENTURE:MMT) (“Mart” or the “Company”) is pleased to make the following announcements.

Declaration of $0.05 per Common Share Dividend

Mart announces the declaration of a quarterly dividend of $0.05 per common share. The dividend is payable on July 18, 2013 to shareholders of record at the close of business on July 10, 2013. The ex-dividend date is July 16, 2013.

Pursuant to the Company’s dividend policy, the declaration of quarterly dividends is determined quarterly based upon Mart’s cash flows, liquidity, capital expenditure budgets, earnings, financial condition and other factors as the Board of Directors may consider appropriate from time to time.

Satisfaction of Drawdown Conditions for US$100 million Secured Term Loan Facility

Mart, through its wholly-owned Nigerian subsidiary, has satisfied all conditions relating to the initial drawdown of funds under its previously announced US$100 million secured term loan facility with Guaranty Trust Bank PLC. An initial drawdown of US$25 million will be used to fund Umusadege field development activities, Mart’s share of costs for the construction of the Umugini pipeline and for general working capital requirements.

The secured term loan facility is comprised of a US$75 million, 5-year term loan facility and a US$25 million, 1-year revolving loan facility and has a term of five years and bears interest at 90 days LIBOR plus 4% (floor of 8.25%).

Additional information regarding Mart is available on the Company’s website at www.martresources.com and under the Company’s profile on SEDAR at www.sedar.com.

Forward Looking Statements and Risks

Certain statements contained in this press release constitute “forward-looking statements” as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as “forward-looking statements”. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

There is no assurance that future dividends will be declared or the timing or amount of any future dividend. The payments of dividends or distributions in the future are within the discretion of Mart’s Board of Directors and are dependent on numerous factors including the Company’s cash flow, capital expenditure budgets, earnings, financial condition, the satisfaction of the applicable solvency test in the Company’s governing statute (the Business Corporations Act (Alberta)), and such other factors as the Board of Directors may consider appropriate from time to time. Mart’s ability to continue to pay dividends in the future is also subject to many other factors including falling commodity prices, repatriation restrictions, disruptions or reductions in production or collection of receivables following sales of production. Dividend payments to shareholders will be subject to applicable statutory deductions and tax withholdings prescribed by applicable law. There is also no assurance that future drawdowns of the secured term loan facility will be available to Mart when requested or at all.

There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.

Contact:

Mart Resources, Inc. – London, England

Wade Cherwayko

+44 207 351 7937

Wade@martresources.com

Mart Resources, Inc. – London, England

Dmitri Tsvetkov

+44 207 351 7937

dmitri.tsvetkov@martresources.com

Mart Resources, Inc. – Canada

Sam Grier

403-270-1841 or Toll Free: 1-888-875-7485

www.martresources.com […]

U.S. Subsidiary of Walton Westphalia Development Corporation Enters into a Mezzanine Loan

CALGARY, Alberta–(BUSINESS WIRE)–

Walton Westphalia Development Corporation (the “Corporation“) announced today that its U.S. subsidiary, Walton Westphalia Development (USA), LLC (“WWDU“) and its affiliate, Walton Westphalia Europe, LP (“WWE“), (WWDU and WWE are collectively, the “Borrowers“), have entered into a mezzanine loan (the “Mezzanine Loan“) with an arm’s length institutional lender to finance initial construction on the Westphalia property. This is in addition to the $40.95 million USD senior loan (the “Senior Loan“) that the Corporation announced on June 3, 2013. WWDU and WWE are co-owners of the Westphalia property.

The Mezzanine Loan is a second priority secured loan for up to $7,285,850 USD with interest accruing at 15% per annum, and payable from cash flow on asset sales. The initial term of the Mezzanine Loan is 36 months and shall terminate with the termination of the Senior Loan. The term of the Mezzanine Loan may be extended in certain circumstances. The Mezzanine Loan will be subordinated to the terms of the Senior Loan and be secured by, among other things, a second-priority deed of trust on the Westphalia property.

Drawdown on the Senior Loan and the Mezzanine Loan is subject to the Borrowers meeting certain standard conditions prior to funding.

Further to the Corporation’s press release dated May 16, 2013, certain of the proceeds from the Mezzanine Loan will be used to pay any outstanding amounts owing under WWDU’s unsecured non-arm’s length demand loan of up to $3,500,000 USD.

The project remains on track financially and from a timing perspective. As a result of securing the Senior Loan and the Mezzanine Loan, management anticipates that construction on the project will commence by the end of Q2 2013.

Launched in March 2012, the Corporation was formed to provide investors with the opportunity to participate in the acquisition and development of the 310-acre Westphalia property located in Prince George’s County, Maryland, U.S.A. The Westphalia property is approximately 21.7 km from Capitol Hill in Washington D.C., which is the site of the White House, the National Mall and the Capitol Building.

The Corporation is managed by Walton Asset Management L.P. and the development of the property is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group.

The Walton Group of Companies is a multinational group of real estate investment and development companies headquartered in Calgary, Alberta, Canada. As one of North America’s leading land-based real estate investment and development firms, its expertise is in the research, acquisition, management and development of strategically located land in major growth corridors throughout Canada and the U.S. Walton currently manages over 74,000 acres, laying the foundation for communities where people can live, work and play, and creating wealth for our clients around the globe. Since 1979, Walton has returned over $1.4 billion CAD* in client distributions.

For more information about Walton Westphalia Development Corporation, please visit www.sedar.com. For more information about Walton, visit www.Walton.com.

-30-

*As of March 31, 2013, the amount returned is unaudited and consists of:

Exit proceeds on sales of pre-development land Distributions, interest and principal repayment on development projects Interest and principal repayment on corporate bonds

This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. The risks, uncertainties and other factors that could influence results are described in the February 2012 prospectus of the Corporation (including under the heading “Cautionary Statements”) and other documents of the Corporation filed with Canadian securities regulatory authorities and available online at www.sedar.com. The forward-looking statements contained in this document are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Contact:

Walton Westphalia Development Corporation

Blair Nixon, 1-403-265-4255

BNixon@Walton.com […]

Payday Loans Online – Yolla Monica Business

Image payday.jpg

Typically, anyone had to visit a payday mortgage centre to satisfy his needs. Such occasions are gone, and today’s technology has a now resulted in payday. It is very easy to these declare payday financial loans online, while a few companies possess even began providing mortgage facilities via simple texts.

Despite all this convenience, it is important to possess presence associated with mind in opting for even little two-week payday financial loans online. If you receive caught within the net of the ruthless payday improvements company, you might have to sacrifice your own future regarding paying the money you owe. So you should do just a little background looking about any organization before opting for payday improvements online.

As mentioned previously, payday improvements are easier, faster and much more flexible to acquire than a normal bank mortgage. In come back, most payday loan companies charge excessively high interests using their clients. Obviously, this means the wastage of the enormous amount of cash. This is really a really regrettable situation. Luckily, legislation offers provided protection to customers by on limits on of payday home loan.

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