FAX CAPITAL PROVIDES OPERATIONAL UPDATE
NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S. NEWS WIRE SERVICESTORONTO, March 16, 2020 (GLOBE NEWSWIRE) — As a result of recent market volatility and increasing investor inquiries, FAX Capital Corp. (the Company) (TSX: FXC & FXC.WT) is today providing an operational update. As per previous guidance, the unaudited book value per share of the Company as at December 31, 2019 was approximately $4.30 per share. Since that time, the Company has begun to deploy capital into a number of public investments, in accordance with its business objective and investment strategies, and has invested approximately 15% of its total cash resources. Management is encouraged by the increasingly attractive opportunities this recent market sell-off has provided to accumulate shares of target companies at lower prices. The Company’s investment team continues to evaluate additional investment opportunities, and is committed to its rigorous diligence process with a focus on high-quality, durable companies. Currently, none of the Company’s investments are in the energy or resource sectors.
As a general policy, the Company does not publicly comment on unusual market activity. However, in response to increasing requests by investors to the Company to provide guidance, the Company is providing this operational update to ensure that information regarding the Company is not selectively disclosed.About FAX Capital Corp.The Company is an investment holding company with a business objective to maximize its intrinsic value on a per share basis over the long-term by seeking to achieve superior investment performance commensurate with reasonable risk. The Company intends to invest in equity, debt and/or hybrid securities of high-quality businesses. The Company initially intends to invest in approximately 10 to 15 high-quality small cap public and private businesses located primarily in Canada and, to a lesser extent, the United States.For additional information please contact: