Business
Everyday People Announces Significant Debt Reduction of $14.9 Million Since July 18, 2024
Edmonton, Alberta--(Newsfile Corp. - February 20, 2025) - Everyday People Financial Corp. (TSXV:...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Announces Significant Debt Reduction of $14.9 Million Since July 18, 2024Edmonton, Alberta--(Newsfile Corp. - February 20, 2025) - Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) (\"Everyday People\" or the \"Company\"), a financial service provider, is pleased to announce a reduction of approximately $14.9 million in debt with a combined annualized savings in interest expense of $1.7 million from July 18, 2024, to February 21, 2025. Transitioning our EP Homes business line to the Company's new Borrowed Down Payment Program, has resulted in a reduction in debt as a direct result of selling EP Homes inventory to clients eliminating high-cost debt off the balance sheet of $8.3 million, or 73% in its outstanding EP Homes debt, decreasing from $11.4 million as of July 18, 2024, to $3.1 million as of February 21, 2025. Annualized interest expense savings are estimated to be $1.0 million. In addition, the prior settlement agreements entered into by the Company through our Financial Services business line, on September 30, 2024, January 17, and 28, 2025, resulted in a $6.6 million debt reduction with annualized interest expense savings of $720,000. \"Our focus remains on strengthening our balance sheet while continuing to focus in key growth areas,\" said Dil Boparai, Chief Financial Officer of the Company. \"Reducing our debt enhances our ability to execute our long-term strategy and drive sustainable value for our stakeholders.\"Plans to Uplist to TSXThe Company is also excited to announce that it is preparing an application to graduate from the TSX Venture Exchange (\"TSXV\") to the Toronto Stock Exchange (\"TSX\"). The Company is actively working towards meeting all applicable listing requirements and will submit its application in due course. While the Company believes it is well positioned for this transition, there is no assurance that the TSX will approve the application. Graduating to the TSX represents a significant milestone for Everyday People, reflecting its strong financial performance, operational growth, and commitment to enhancing shareholder value. This transition, once approved, is expected to increase the Company's visibility among institutional investors, improve liquidity, and provide access to a broader capital market. The Company will provide further updates as the application process ...