2013-02-20 00:19:23 -
Toronto, Ontario CANADA, February 19, 2013 /FSC/ - Northern Financial Corporation (NFC - TSX Venture), ("Northern Financial" or the "Company") announced that, together with its wholly-owned subsidiary, Northern Securities Inc. ("NSI"), it has initiated an informal restructuring of its balance sheet, seeking to reduce the amount of liabilities outstanding. A successful restructuring will provide the Company with flexibility and time to transition to an advisory focused business and to seek to raise additional capital.
Northern and NSI also announced that Grant Thornton LLP ("Grant Thornton") has resigned as auditors as part of an agreement reached to restructure amounts owning to Grant Thornton. Northern expects to announce the hiring of a new auditing firm in the near future.
About Northern Financial
Northern Financial Corporation, collectively with its wholly owned subsidiary, Northern Securities Inc., is a financial advisory firm and merchant bank, with a specialization in mergers and acquisitions, merchant banking investments, risk arbitrage merger and acquisition investments, proxy solicitation and information agent services, financial restructuring, and equity research.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. This press release may contain forward-looking statements with respect to the Company, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.
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Director of Business Development
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