HURST,
Texas, Jan. 2, 2024 /CNW/ - NextPoint
Financial Inc. ("NextPoint" or the "Company") (OTC
PINK: NACQQ) today announced that it has closed its previously
announced going concern sale transaction to BP Commercial Funding
Trust, Series SPL-X, completed in connection with the Company's
proceedings under the Companies' Creditors Arrangement Act
(Canada) and chapter 15 of the
United States Bankruptcy Code. NextPoint's primary business lines,
Liberty Tax and Community Tax, emerge from the process with a new
ownership group and strengthened balance sheet.
Under the new ownership, Community Tax and Liberty Tax will
continue to provide high-quality services and value to their
customers.
In connection with the completion of the transaction, it is
expected that the Company and its direct and indirect subsidiaries
that were not acquired in the sale, including the LoanMe group of
companies, will be wound down, following which the Company will no
longer be a reporting issuer in Canada and its common shares will cease
trading on the OTC Pink Sheets.
About NextPoint Financial
Inc.
NextPoint is an all-inclusive marketplace for financial services
empowering hardworking and underserved consumers and small
businesses. NextPoint's primary business units are Liberty Tax, a
leading provider of tax preparation services, and Community Tax, an
effective advocate for tax debt resolution on behalf of
customers.
Forward-Looking
Statements
This news release contains statements that include
"forward-looking information" (as defined under applicable
securities laws) ("forward-looking statements"). These
forward-looking statements relate to future events or future
performance including with respect to the anticipated wind down of
the Company and its direct and indirect subsidiaries that were not
acquired in the sale, the Company ceasing to be a reporting issuer,
the withdrawal of the common shares from the OTC Pink Sheets and
the acquired entities' ability to continue the Community Tax and
Liberty Tax business operations. Such forward-looking statements
reflect management's current beliefs and are based on information
currently available to management. In some cases,
forward-looking statements can be identified by terminology such as
"may", "will", "should", "expect", "plan", "anticipate",
"believe", "estimate", "predict", "potential", "continue",
"target", "intend", "could" or the negative of these terms or
other comparable terminology. By their very nature,
forward-looking statements involve inherent risks and
uncertainties, both general and specific, and many factors could
cause actual events or results to differ materially from the
results discussed in the forward-looking statements. In
evaluating forward-looking statements, readers should specifically
consider various factors that may cause actual results to differ
materially from any forward-looking statement. These factors
include, but are not limited to, the ability of the acquired
entities to continue as a going concern following consummation of
the Transaction, the anticipated benefits of the Transaction, and
the risks and uncertainties discussed in the section entitled
"Risk Factors" in the Company's annual information form dated
January 15, 2023. Forward-looking
statements contained in this news release are not guarantees of
future performance and, while forward-looking statements are
based on certain assumptions that the Company considers
reasonable, actual events and results could differ materially
from those expressed or implied by forward-looking statements
made by the Company. Except as may be expressly required by
applicable law, the Company does not undertake any obligation to
update publicly or revise any such forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE NextPoint Financial Inc.