Edmonton, Alberta--(Newsfile Corp. - December 10, 2024) - Everyday People Financial Corp. (TSXV:EPF) (OTCQB: EPFCF) ("Everyday People" or the "Company"), a financial services provider, is excited to announce that in 2024 the Company expanded five of its existing key client relationships through existing service agreements and attained three new client relationships since Q2 2024 through new service agreements, under its Revenue Cycle Management ("RCM") business pillar for collection and consumer solution services. These existing and new client expansions are underpinned by the Company's previously announced acquisitions of General Credit Services Inc. ("General Credit") on December 8, 2022, Groupe Solution Collect Solu Inc. ("Groupe") on March 20, 2023, and Everyday People Financial Solutions ("EPFS" formerly Arvato Financial Solutions Limited) on October 2, 2023, including its subsidiary BPO Collections Limited ("BPO"). These expanded client relationships in 2024 underscore the strength of the Company's service offerings and are expected to drive substantial growth in this core area of the business.
While specific client names and terms of their agreements cannot be disclosed due to confidentiality agreements, the financial impact of these expanded existing and new client relationships are anticipated to add significant value to the Company. While the expanded existing and new client relationships are performance based with revenues being driven by both collection performance and quality of service provided, they are anticipated to generate revenue growth based on historical performance results. The expansion in existing and new clients is in addition to the recent CCS Group Holdings Limited acquisition completed in early November 2024 and represents an anticipated increase of nearly 70% in its RCM client base, demonstrating its commitment to growing and diversifying the Company's portfolio of clients.
"Our focus on delivering innovative and cost-effective solutions continues to resonate with organizations seeking value-driven client relationships," said Graham Rankin, Co-CEO of Revenue Cycle Management. "The expansion of these existing and new clients solidifies Everyday People's position as a trusted leader in RCM services and sets the stage for even greater success in 2025 and beyond."
The expansion of the Company's existing and new client base follows record-setting financial performance results in 2024, as detailed in the Company's recent Q3 report filed on SEDAR+. Everyday People continues to build momentum across its two main business pillars—Revenue Cycle Management and Financial Services.
The Company is committed to empowering individuals and businesses alike with tailored financial solutions. With an expanding and new collection services client base and a dedicated team of experts, the Company is well-positioned to deliver sustainable growth and create long-term value for its stakeholders.
Redemption of Restricted Share Units and Issuance of Common Shares in Connection with Agreement
On December 9, 2024, the Company issued an aggregate of 120,000 common shares in the capital of the Company pursuant to the redemption of Restricted Share Units ("RSUs"), of which RSUs were initially issued to two officers of the Company on November 22, 2023. Following the issuance of common shares in connection with the RSU redemptions the Company now has 118,654,361 issued and outstanding common shares.
Business Pillars Update
Revenue Cycle Management
Everyone deserves a second chance to financially reestablish themselves. We are changing the way revenue cycle management agencies work by enhancing our services with affordable financial products and literacy programs while achieving optimal receivables management for our clients. We are proud to lead the industry with innovative and leading-edge technologies for seamless processes because we know it puts our customers' needs at the heart of our business.
In 2008, we began the practice of requiring our United Kingdom RCM customers to complete a vulnerability and affordability assessment to help customers establish appropriate payment plans to fit within their cash flow and other financial commitments. This resulted in long-term, solid relationships with our customers which has successfully benefited both our RCM customers and our receivables clients. Our intentions are to establish the same operating practices in Canada in 2025.
RCM operates under the companies: BPO Collections ("BPO"), Everyday People Financial Solutions ("EPFS"), General Credit Services ("GCS"), Groupe Solution Collect ("Groupe") and Commercial Collection Services ("CCS"). The combined companies have been serving companies and everyday people for over 75 years across the United Kingdom and Canada for both the public and private sectors.
Financial Services
Everyone deserves access to responsible credit. Everyday People Financial Services operates primarily on a fee-for-service model, generating revenue from financial services and card fees. As a credit facilitator and program manager, Everyday People helps businesses and government agencies coordinate with card networks, credit bureaus, and banks to implement customized payment card and credit access programs. Additionally, Everyday People offers its own unique B2C card and credit access programs.
Our financial products and services are meticulously crafted and frequently tailored to meet the unique needs of our clients who are serving everyday people, everyday. Our customer support is bolstered by the collective 75 years of experience and advanced technology from our RCM division. This fusion of expertise allows Everyday People to enhance access to responsible credit, promote financial wellness, facilitate homeownership, enable efficient health spending, streamline procurement and support supply chains across Canada, the United Kingdom and the United States.
About Everyday People Financial Corp.
Everyday People is founded on the belief that everyone deserves a second chance to financially re-establish themselves with access to affordable credit products. We are changing the way people manage money by enhancing our client services with our own affordable and specialized financial products and literacy programs. We're helping everyday people rebuild their financial health for generational wealth.
With operations first established in 1988, the company operates two pillars of business: one pillar, Revenue Cycle Management ("RCM") operates under our Co-CEO, Graham Rankin, and the second pillar, EP Financial Services ("EP") operates under our Co-CEO, Barret Reykdal. Our combination of companies, products and services has been established to ensure we can fulfill consumers' financial needs and service them in a low-cost and effective manner.
Gordon Reykdal Executive Chairman of Everyday People Financial Corp. letsconnect@epfinancial.ca 1 888 825 9808
Cautionary Note Regarding Forward-Looking Statements This news release includes certain "forward-looking statements" or "forward-looking information" (collectively referred to hereafter as "forward-looking statements") under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to financial performance, results of operations, integration of the acquired businesses, and the business, plans, strategy and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, expectations and assumptions concerning the Company and the acquired businesses as well as other risks and uncertainties, including those described in the documents filed by the Company on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
