TORONTO, ON / ACCESS Newswire / July 24, 2026 / Findev Inc. ("Findev" or the "Company") (TSXV:FDI) announces that, pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the "Court") made on July 17, 2026 (the "Initial Order"), 1682 Victoria Park Avenue Inc. ("1682 Victoria Park") was granted protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA", and such proceedings, the "CCAA Proceedings"). The Initial Order was granted on application by 1682 Victoria Park's creditor, Findev Lending Inc. ("Findev Lending"), a subsidiary of the Company.
Albert Gelman Inc. was appointed as monitor in the CCAA Proceedings (in such capacity, the "Monitor"). The Initial Order granted a stay of proceedings until and including July 24, 2026. A motion is scheduled to be heard on July 24, 2026 to, among other matters, extend the stay of proceedings. The stay of proceedings may be extended, as necessary, pursuant to further orders of the Court.
As previously disclosed in Findev's interim financial statements and management's discussion and analysis for the three months ended March 31, 2026 (the "Q1 Filing Materials"), Findev Lending has loan exposure to 1682 Victoria Park. As at March 31, 2026, the amounts disclosed in the Q1 Filing Materials included approximately $5.3 million of principal outstanding and approximately $13.2 million of accrued interest, fees and other amounts, for aggregate disclosed exposure of approximately $18.5 million, against which an expected credit loss reserve of $8.7 million was recorded, in each case subject to applicable adjustments, costs, interest accruals, recoveries and determinations in the CCAA Proceedings.
