TORONTO, Aug. 13, 2018 /CNW/ - Callidus Capital
Corporation ("Callidus" or the "Company") (TSX:CBL), today
announced effective immediately, Newton
Glassman, Callidus' Executive Chairman and Chief Executive
Officer, will take a medical leave of absence.
Mr. Glassman is currently undergoing further medical tests and
examinations to confirm the extent and seriousness of his
conditions. At minimum, Mr. Glassman is advised that he will
require two significant operations on his lumbar spine, currently
planned for the early fall 2018, followed by a period of intense
rehabilitation and recuperation.
In addition, while investigating Mr. Glassman's lumbar spine,
tests and examinations discovered significant issues with Mr.
Glassman's cervical and thoracic spine that will require further
analysis. The examinations also brought forward indications
of a possible neurological disorder, which are also undergoing
further analysis.
In connection with Mr. Glassman's immediate leave of absence,
the Callidus Board of Directors has re-assigned Mr. Glassman's CEO
responsibilities to the existing Callidus management team.
Further, Mr. Glassman intends to remain as Executive Chair and a
Director of Callidus. He has also committed to remain Chair
of the Callidus Credit Committee. To the extent deemed
necessary in the future by Callidus, Catalyst will provide
personnel and/or resources necessary to ensure all of Mr.
Glassman's functions at Callidus are fulfilled as seamlessly and
efficiently as possible.
Mr. Glassman will remain in his role of Managing Partner of The
Catalyst Capital Group Inc. ("Catalyst"). Catalyst owns
approximately 72% of the outstanding shares of Callidus.
As previously disclosed, Callidus had initiated a process with
an executive search firm and is in discussions with one or more
candidates regarding executive positions and therefore expects to
accelerate key additions to the Callidus leadership team. The
Company intends to continue to deploy capital and focus on growth
now that it believes all currently known issues in Callidus' loan
portfolio have been carefully considered and, where appropriate,
remediated.
Tibor Donath, Lead Director of
Callidus, stated, "We appreciate Newton's continued role at
Callidus as he addresses this serious medical need and period of
rehabilitation. The management team will share
responsibilities to deliver on the Company's strategic initiatives
and we expect the addition of additional senior personnel in the
near-term. We have a number of great candidates that will
bring complementary skills to the company as it looks to deploy
capital and grow our loan portfolio."
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 who 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 borrower's assets, its enterprise value and borrowing needs.
Further information is available on our
website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation