EquiFin reported third quarter and nine month results for the period ended 30 September, 2004. As a result of the company's 81% owned subsidiary's, Equinox Business Credit ("Equinox"), receipt of a notice of non-renewal of its operating credit facility, which is due for payment in December 2004 and Equinox' inability to secure a replacement credit facility, the company has, at 30 September, 2004, reported its asset-based lending activities, which have been carried out through Equinox, to be discontinued and is actively negotiating a disposal to satisfy its lender.
After adjusting for these discontinued operations, revenues for the third quarter of 2004 were reduced to US$160,000, compared with US$129,000 for the same period in 2003. The revenues represent the ongoing activities of the company as carried out through its business factoring group which operations are not of the size and scale of the discontinued asset-based lending activities.
