CORRECTION: Timbercreek Financial Announces 2017 Fourth Quarter Results and Year-End 2017 Results

TORONTO, ON—(Marketwired – March 07, 2018) – CORRECTION: In the news release filed on SEDAR on March 6, 2018, due to an error of the filing agent the date in the press release was erroneously stated as March 5, 2018 rather than the actual date of the release of March 6, 2018. Corrected copy follows:

Timbercreek Financial Announces 2017 Fourth Quarter Results and Year–End 2017 Results

Toronto Stock Exchange: TF

TORONTO, March 6, 2018 – Timbercreek Financial (TSX: TF) (the “Company”) announced today its financial results for the three months and year ended December 31, 2017 (“Q4 2017″ and “2017”, respectively).

“The fourth quarter closed off an eventful and successful 2017 for the company and solidified our position as the leading non–bank lender providing customized short–term mid–ticket transitional lending secured by commercial real estate,” said Cameron Goodnough, CEO of Timbercreek Financial. “We delivered on our objective to generate attractive returns from a high–quality, conservatively positioned mortgage portfolio focused on first mortgages on income–producing properties. With the new capital raised in 2017 and early 2018, we have expanded and diversified our capital base to take advantage of a strong pipeline of investment opportunities.”

Fourth Quarter Highlights (versus Q4 2016)

  • Net investment income earned was $23.2 million, up from $20.6 million (Q3 2017 – $23.5 million), Net income and comprehensive income was $12.9 million, compared to $13.1 million (Q3 2017 – $13.2 million)
  • Basic and diluted earnings per share of $0.17 compared to $0.18 (Q3 2017 – $0.18)
  • Weighted average interest rate on net mortgage investments was 6.9% compared to 7.4% (Q3 2017 – 7.0%), which reflects turnover in the portfolio into lower–risk and more liquid mortgages
  • Weighted average lender fees on all investments were 1.0%, compared to 0.8% (Q3 2017 – 1.6%)
  • Distributable income per share at $0.18, compared to $0.19 (Q3 2017 – $0.19)
  • Payout ratio on distributable income increased to 93.3% compared to 90.8% (Q3 2017 – 89.8%)
  • During Q4 2017, monthly dividend increased from $0.057 to $0.0575

Year ended December 31, 2017 (versus 2016)

  • Net investment income was $88.9 million, up from $61.4 million
  • Net income and comprehensive income was $52.2 million, up from $46.0 million. Adjusted net income and comprehensive income was $52.2 million, up from $39.9 million
  • Basic and diluted earnings per share were $0.70, compared to $0.80. Adjusted earnings per share were $0.70 in both years
  • Weighted average interest rate was 7.0% compared to 7.9%, which reflects the continuous repositioning of the portfolio
  • Weighted average lender fees were 1.0% compared to 1.1%
  • Distributable income per share increased to $0.75 compared to $0.74
  • The Company completed two issuances of unsecured convertible debentures, raising $91.0 million in gross proceeds

December 31, 2017 – Investment Portfolio Highlights

  • Net mortgage investments increased by 10.4% to $1,103.6 million (December 31, 2016 – $1,000.0 million*) primarily due to $532.9 million in advances offset by $428.8 million in repayments received
  • Other investments within the enhanced return portfolio were $57.9 million (December 31,2016 – $9.8 million), a net increase of $48.1 million in 2017 (2016 – $9.8 million)
  • The Company completed a joint acquisition resulting in a 20.46% interest in a $201.7 million portfolio that is comprised of 14 properties totaling 1,079 units located in Saskatoon and Regina, Saskatchewan for total consideration of $41.3 million
  • Net mortgage investments secured by cash–flowing properties represented 86.7% of the portfolio (September 30, 2017 – 85.9%), a key hallmark of our defensive investment strategy and highlighted by 50.1% secured by rental apartments
  • First mortgages, which are lower risk, represented 93.0% of the portfolio (September 30, 2017 – 92.7%)
  • Weighted average loan–to–value decreased to 66.0% (September 30, 2017 – 65.6%)
  • Weighted average remaining term to maturity decreased to 1.1 years (September 30, 2017 – 1.2 years)
  • The portfolio continues to be well diversified across Canada's largest provinces: Ontario (55.0%), Quebec (13.5%), British Columbia (12.2%), and Alberta (12.1%)

Operating Results Highlights

   Three months ended
December 31,
Year ended December 31,
   2017    2016    2017    2016    2015
Net investment income $ 23,178   $ 20,583   $ 88,937   $ 61,422   $ 43,003
Net rental income $ 99   $   $ 193   $   $
Income from operations $ 19,644   $ 17,940   $ 75,374   $ 51,231   $ 32,750
Total net income and comprehensive income $ 12,876   $ 13,078   $ 52,204   $ 45,999   $ 28,021
Earnings per share (basic) $ 0.17   $ 0.18   $ 0.70   $ 0.80   $ 0.69
Earnings per share (diluted) $ 0.17   $ 0.18   $ 0.70   $ 0.80   $ 0.69
Adjusted total net income and comprehensive income $ 12,876   $ 13,162   $ 52,204   $ 39,940   $ 28,021
Adjusted earnings per share (basic and diluted) $ 0.17   $ 0.18   $ 0.70   $ 0.70   $ 0.69
Dividends to shareholders $ 12,769   $ 12,630   $ 50,736   $ 39,895   $ 29,253
Dividends per common share $ 0.172   $ 0.171   $ 0.685   $ 0.702   $ 0.720
Payout ratio on earnings per share   99.2%     96.6%     97.2%     86.7%     104.4%
Distributable income $ 13,681   $ 13,905   $ 55,262   $ 42,636   $ 29,484
Distributable income per share $ 0.18   $ 0.19   $ 0.75   $ 0.74   $ 0.73
Payout ratio on distributable income   93.3%     90.8%     91.8%     93.5%     99.2%

Quarterly Conference Call

Interested parties are invited to participate in a conference call with management on Wednesday, March 7, 2018 at 11:00 a.m. (EST) which will be followed by a question and answer period with analysts. Instructions on how to participate on this call are provided below:

Dial–in–number(s): 1–(855) 223–7310

Event Conference ID: 5583929

The playback of the conference call will also be available on following the call.

About the Company

Timbercreek Financial is a leading non–bank, commercial real estate lender providing shorter–duration, structured financing solutions to commercial real estate professionals. Our sophisticated, service–oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while generating strong risk–adjusted yields for investors. Further information is available on our website,

Non–IFRS Measures

The Company prepares and releases financial statements in accordance with IFRS. As a complement to results provided in accordance with IFRS, the Company discloses certain financial measures not recognized under IFRS and that do not have standard meanings prescribed by IFRS (collectively the “non–IFRS measures”). These non–IFRS measures are further described in Management's Discussion and Analysis (“MD&A”) available on SEDAR. The Company has presented such non–IFRS measures because the Manager believes they are relevant measures of the ability of the Company to earn and distribute cash dividends to investors and to evaluate the Company's performance. These non–IFRS measures should not be construed as alternatives to net income (loss) and comprehensive income (loss) or cash flows from operating activities determined in accordance with IFRS as indicators of the Company's performance.

Certain statements contained in this news release may contain projections and “forward looking statements” within the meaning of that phrase under Canadian securities laws. When used in this news release, the words “may”, “would”, “should”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “objective” and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Company's current views, beliefs, assumptions and intentions are subject to certain risks and uncertainties, known and unknown, including, without limitation, those risks disclosed in the Company's public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.

BBX Capital Corporation Declares Increased Quarterly Cash Dividend

FORT LAUDERDALE, FL—(Marketwired – March 07, 2018) – BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) (“BBX Capital” or the “Company”) announced today that the Company's Board of Directors has declared a cash dividend of $0.01 per share, up from $0.0075 per share, on its Class A and Class B Common Stock, with a payment date of April 20, 2018, to all shareholders of record at the close of trading on March 26, 2018, and has indicated its intention to continue to declare regular quarterly dividends of $0.01 per quarter per share on its Class A and Class B Common Stock (an aggregate per share of $0.04 annually, up from $0.03 annually).

“The increased level of dividend reflects both the Company's progress and positive trends,” commented Alan B. Levan, Chairman and Chief Executive Officer of BBX. “We are pleased with the Company's performance and appreciative of our shareholders' support.”

About BBX Capital Corporation: BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) is a Florida–based diversified holding company whose activities include its 90 percent ownership interest in Bluegreen Vacations Corporation as well as its real estate and middle market divisions. For additional information, please visit

About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation (NYSE: BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points–based, deeded vacation ownership plan with approximately 213,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of December 31, 2017. Bluegreen Vacations also offers a portfolio of comprehensive, fee–based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation, a diversified holding company. For additional information, please visit

Certain matters within this press release include “forward–looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward–looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward–looking statements, including but not limited to, the risk that quarterly dividend payments may not be declared at the current annualized amount, in the future or on a regular basis, or as anticipated, if at all and risks associated with the Company's future progress and performance. For a description of risks relating to the payment of dividends as well as other risks and uncertainties, please review the “Risk Factors” section and other information contained in the Company's Annual Report on Form 10–K for the year ended December 31, 2017, filed with the Securities and Exchange Commission, which are available on the SEC's website,, and on BBX Capital's website,

Large Alabama Machinery Firm to Liquidate Surplus Metalworking Equipment via Online Auction on

MONTGOMERY, AL—(Marketwired – March 07, 2018) – Hardy Machinery, a seller of used industrial machinery, is hosting an online auction with more than 375 lots of metalworking equipment. Headquartered in Huntsville, Alabama, Hardy Machinery has been in operation since 1978. Its services include equipment purchasing, machinery appraisals, as well as industrial auctions and liquidation services.

Equipment available to bid on includes a range of machinery, such as hydraulic presses, surface grinders, lathes and CNC machines. All the equipment and machinery included in the auction is surplus to operations and is in good, working condition.

To enable online bidding, Hardy Machinery is hosting the event online via will, an industrial machinery marketplace. The auction is scheduled to begin at 12 p.m. CT on Thursday, March 15th, 2018. Interested buyers are invited to register on to participate in the auction.

To view the complete auction catalog, click here.

Featured equipment includes:


Aucto connects industrial equipment buyers and sellers on an easy–to–use, secure and global platform. For sellers, Aucto provides a marketplace to recover capital from surplus and used industrial equipment. For buyers, Aucto gives access to quality used equipment at liquidation pricing. Regardless of who you are, or how large your organization is, Aucto is smart, simple and always working for you.

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NRI Industrial Simplifies Industrial Asset Recovery

DELTA, OH—(Marketwired – March 07, 2018) – NRI Industrial, an asset recovery and decommissioning firm, announced it is expanding its portfolio of services to include consignment services for businesses and corporations looking to recover value from surplus and idle MRO and industrial assets.

“The addition of consignment capabilities will allow us to service our corporate clients which produce surplus equipment, particularly MRO and spare parts, on an ongoing basis,” says Syed Saif, Director of Operations. “Through our consignment program, clients can ship their surplus equipment, MRO and spare parts to NRI's warehousing facilities. We then process, market and sell that equipment on their behalf.”

When designing its consignment solution, from valuation to sales, NRI Industrial emphasized communication and transparency. Clients are provided access to an online portal that provides real–time reporting on the status of their asset's transport, storage and sale.

“When developing our solution, our focus was on providing our clients with complete visibility over their inventory once it leaves their facility. Our proprietary web–based consignment portal allows our clients to track their inventory, sales and payment reports in real time,” explains Saif.

In addition to its consignment services, NRI Industrial offers a host of other asset recovery services; these include salvage operations for decommissioning projects, transportation and storage services, equipment purchasing, as well as consultation and valuation. With each solution, clients benefit from the firm's global market presence and custom–tailored industrial marketing strategies.

To better understand how NRI Industrial's services can benefit industrial–sector companies, the firm's new website features a Project Portfolio page. The featured case studies explain various asset recovery challenges encountered by past clients, as well as solutions provided by NRI Industrial.

Visitors are encouraged to explore these case studies and the site at

About NRI Industrial

NRI Industrial provides businesses with solutions to help them recover capital from used and surplus assets. Past clients include a range of businesses and organizations, including but not limited to energy and utilities providers, government agencies and municipalities, equipment dealers, as well as food processing, pulp and paper, manufacturing, and other industrial–sector companies. Services offered include decommissioning and salvage, auction and liquidations, equipment purchasing and disposition, as well as consignment–based sales. Visit us at & Form Strategic Marketing Partnership

BUFFALO, NY—(Marketwired – March 07, 2018) – To increase its reach to buyers,, an online industrial equipment marketplace, has forged a strategic partnership with, an online auction–marketing service provider.

“As the liquidation industry has increasingly shifted online, web–based marketing has become crucial for an auction's success,” explains Jamil Rahman,'s founder. “The primary challenge for industrial equipment sellers is gaining access to a large pool of buyers while getting the most value from their marketing budget.”

The partnership will synchronize any equipment listing on's platform with, as well as its sister–site As a result, users will be able to directly search for, and browse, equipment being sold on via garners more than 3,000 visitors daily, and more than 90,000 monthly. The partnership is expected to drive traffic to and any auction or liquidations hosted on the platform.

“The partnership between and will generate additional exposure to targeted buyers on equipment listed on's marketplace,” says Aaron Lee,'s Marketing Director. “For sellers who host sales on our platform, the partnership will expand the no–cost marketing options available to them.”

Other no–cost marketing services include social media promotion, as well as listings on major auction directories, such as, and

Visit to learn more about its marketing services.


Aucto connects industrial equipment buyers and sellers on an easy–to–use, secure and global platform. For sellers, Aucto provides a marketplace to recover capital from surplus and used industrial equipment. For buyers, Aucto gives access to quality used equipment at liquidation pricing. Regardless of who you are, or how large your organization is, Aucto is smart, simple and always working for you.

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Avaya and Zang Cloud Help Start-up Boost Donor and Customer Engagement

SANTA CLARA, CA—(Marketwired – March 07, 2018) – Zang, an Avaya Holdings Corp. (NYSE: AVYA) company, today announced that Volar Mobile is using the Zang® Cloud Communications Platform as a Service (CPaaS) to power its SMS proactive outreach service. This agile Cloud platform enables the startup to help non–profits connect with donors and businesses to connect with customers using a highly flexible, cost–efficient messaging channel.

A history of helping non–profits with fundraising inspired Volar Mobile's co–founders to build a company that enabled both non–profits and businesses to use SMS messaging to reach their key audiences. Using SMS has a strong potential to boost donor and customer engagement, since SMS has more than twice the open rate as email.

Volar needed a back–end platform on which to power its service, evaluating a number of vendor solutions before landing on the Zang Cloud platform. Only Zang offered the combination of a reliable development platform, APIs to communications–enable its solutions and a pricing model that would help keep costs down as the company grows.

For nonprofits, receiving donations takes just two steps with Volar Donate. The text–to–give application reaches donors wherever they are and enables them to donate rapidly. For business clients, V Rewards supports loyalty programs with on–the–fly offers that drive sales. They can send targeted, automated offers to increase foot traffic and keep customers coming back—such as a one–day discount on special items when a business has a slow day. According to one of Volar Mobile's customers:

“Volar Mobile has impacted my business in the best ways possible,” says Steve Harrer, Owner, Antioch Indoor Sports Center and a Volar Loyalty customer. “Not only has it increased my foot traffic but it has given me a platform to eliminate slow days altogether. But what I like most are the real–time reports, which give me the data I need to capitalize and adjust marketing strategies.”

Volar tracks real–time and historical analytics to give clients data for decisions and strategic planning. And for every transaction through Volar Mobile applications, organizations collect contact information, enabling them to stay in touch with donors or customers.

“Zang's flexibility really spoke to us, especially being a new company. We're flexible and we need partners who are as well. The Zang Cloud platform definitely contributes to competitive advantage and better margins. It's an essential part of our solutions.”
Jay Nevel, co–founder and CEO, Volar Mobile

Read the full case study on Volar Mobile and Zang Cloud here

About Volar Mobile
Volar Mobile increases engagement and results by connecting nonprofits and businesses with their customers through simple, automated SMS communications. Volar Donate enables organizations to collect donations in seconds by reaching people on their mobile devices. V Rewards enables a fully automated customer loyalty program.

About Zang
Zang, an Avaya company, provides digitally native communications solutions for organizations and individuals. Zang solutions are the culmination of decades of communication innovation on a pure cloud platform and include Zang Cloud, a communications development platform and API used to embed voice and messaging capabilities into applications; Zang Office, a cloud phone system for businesses; and Zang Spaces, a meeting and team collaboration–as–a–service application. For more information, visit

About Avaya
Avaya is a global leader in digital communications software, services and devices for businesses of all sizes. Our open, intelligent and customizable solutions for contact centers and unified communications offer the flexibility of Cloud, on–premises and hybrid deployments. Avaya shapes intelligent connections and creates seamless communication experiences for our customers, and their customers. Our professional planning, support and management services teams help optimize solutions, for highly reliable and efficient deployments. Avaya Holdings Corp. is traded on the NYSE under the ticker AVYA. For more information, please visit

Cautionary Note Regarding Forward–Looking Statements

This document contains certain “forward–looking statements.” All statements other than statements of historical fact are “forward–looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or “would” or the negative thereof or other variations thereof or comparable terminology and include, but are not limited to, expected feature releases, statements about future products, expected cash savings and statements about growth, exchange listing and improved operational metrics. The company has based these forward–looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward–looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These factors are discussed in the company's Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”), may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward–looking statements. For a further list and description of such risks and uncertainties, please refer to the company's filings with the SEC that are available at The company cautions you that the list of important factors included in the company's SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward–looking statements contained in this report may not in fact occur. The company undertakes no obligation to publicly update or revise any forward–looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Follow Avaya on Twitter, Facebook, YouTube, LinkedIn, Flickr and the Avaya Connected Blog.

Source: Avaya Newsroom

Savara to Host Fourth Quarter & Fiscal Year End 2017 Financial Results and Business Update Conference Call on Wednesday March 14, 2018

AUSTIN, TX—(Marketwired – March 07, 2018) – Savara Inc. (NASDAQ: SVRA), an orphan lung disease company, today announced that it will release its fourth quarter and fiscal year end 2017 financial results on Wednesday, March 14, 2018. Savara management will also host a conference call for investors beginning at 5:30p.m. ET on Wednesday March 14, 2018 to discuss its fourth quarter and fiscal year end 2017 financial results and to provide a business update.

Shareholders and other interested parties may access the conference call by dialing (855) 239–3120 from the U.S., (855) 669–9657 from Canada, and (412) 542–4127 from elsewhere outside the U.S. and should request the Savara Inc. call. A live webcast of the conference call will be available online from the Investors section of Savara's website at Replays of the webcast will be available on Savara's website for 30 days and a telephone replay will be available through March 21, 2018 by dialing (877) 344–7529 from the U.S., (855) 669–9658 from Canada, and (412) 317–0088 from elsewhere outside the U.S. and entering replay access code 10117656.

About Savara

Savara Inc. is an orphan lung disease company. Savara's pipeline comprises: Molgradex, an inhaled granulocyte–macrophage colony–stimulating factor, or GM–CSF, in Phase 3 development for PAP, and in preparation for Phase 2a development for NTM lung infection; AeroVanc, a Phase 3 stage inhaled vancomycin for treatment of MRSA infection in Cystic Fibrosis; and, Aironite, an inhaled sodium nitrite for heart failure with preserved ejection fraction, or HFpEF, in Phase 2 development. Savara's strategy involves expanding its pipeline of potentially best–in–class products through indication expansion, strategic development partnerships and product acquisitions, with the goal of becoming a leading company in its field. Savara's management team has significant experience in orphan drug development and pulmonary medicine, in identifying unmet needs, developing and acquiring new product candidates, and effectively advancing them to approvals and commercialization. More information can be found at (Twitter: @SavaraPharma)