CHICAGO, IL and HURST, TX, Dec. 31, 2021 /CNW/ - NextPoint Financial Inc. (TSX: NPF.U) (OTC Pink: NACQF), ("NextPoint" or the "Company"), an all-inclusive financial services destination providing tax services, loans and other solutions for underserved consumers and small businesses, announced today that it has completed the acquisition of Chicago-based Community Tax LLC, ("Community Tax"), a fast-growing leader in tax debt resolution and other tax-related services for approximately US$90 million in cash and stock, subject to certain closing adjustments. The transaction is expected to be accretive to NextPoint's 2022 earnings.

The purchase was funded with US$70 million in borrowings under a new credit facility entered into by a newly formed subsidiary of NextPoint which holds all the equity interests of Community Tax. NextPoint also issued the equivalent of US$20 million of NextPoint common shares, priced at US$4.6881 per share, to the former owners of Community Tax.

Founded in 2010, Community Tax quickly emerged as a leader in the tax debt resolution industry by leveraging a two-phased approach to resolving delinquent tax problems. Community Tax is a bilingual organization, with both English and Spanish speaking team members across every organizational discipline. Community Tax has offices in Chicago, Jacksonville, and Puerto Rico. Jacob Dayan, Esq., Co-Founder and CEO of Community Tax, has joined NextPoint as Chief Revenue Officer and will be responsible for monetization strategies across the Company.

Brent Turner, CEO of NextPoint commented, "Community Tax is a perfect complement to the NextPoint platform and meets the needs of our customers. Early in 2021, we began offering their tax resolution services to Liberty Tax customers via our franchisees. The program was well received and ultimately led to today's purchase which positions us as one of the largest tax debt settlement companies in the U.S. We are now focused on the integration of the businesses and developing plans to support the rapid acceleration of the Community Tax business within the broader NextPoint financial services marketplace."

About NextPoint Financial Inc. (www.nextpointfinancial.com)
NextPoint Financial Inc. is an all-inclusive marketplace for financial services empowering hardworking and underserved consumers and small businesses. NextPoint was formed through the July 2021 combination of Liberty Tax, a leading provider of tax preparation services, with LoanMe, an online lender and loan marketer.

Forward Looking Statements 
This news release may contain "forward-looking statements" (as defined under applicable securities laws). These forward-looking statements relate to future events or future performance including with respect to Community Tax's expected impact on the Company's earnings, the integration of Community Tax, the Company's objectives and priorities for fiscal year 2021 and beyond, and strategies or further actions with respect to the Company, the Company's business operations, financial performance and condition.

Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and many factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating forward-looking statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions, the ability for the Company to integrate Community Tax into its operations, the ongoing COVID-19 pandemic, and the risks and uncertainties discussed in the section entitled "Risk Factors" in the Company's final prospectus dated June 3, 2021.

The forward-looking statements contained in this news release are presented for the purpose of assisting investors in understanding business and strategic priorities and objectives of the Company as at the periods indicated and may not be appropriate for other purposes. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that the Company considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company. Prospective investors are cautioned to consider these and other factors carefully when making decisions with respect to the Company and not place undue reliance on forward looking statements. Circumstances affecting the Company may change rapidly. Except as may be expressly required by applicable law, the Company does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE NextPoint Financial Inc.

Copyright 2021 Canada NewsWire

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