FLOW CAPITAL APPOINTS NEW CHIEF FINANCIAL OFFICER, PROVIDES COVID-19 IMPACT ASSESSMENT AND OTHER BUSINESS UPDATES

TORONTO, April 01, 2020 (GLOBE NEWSWIRE) -- Flow Capital Corp. (TSXV: FW) (“Flow Capital” or the "Company") is pleased to announce the appointment of Gaurav Singh as Chief Financial Officer of the Company, effective April 1, 2020. Gaurav succeeds Donnacha Rahill, who held the role since 2014 and has left the Company to pursue other opportunities. 

Gaurav, most recently Chief Financial Officer and a continuing Director at GreenBank Capital Inc. (CSE:GBC | OTCMKTS: GRNBF | FRA:2TL), brings over 15 years of experience including several board and executive positions across a portfolio of small-cap Canadian public and private companies. He has undertaken leadership roles in corporate finance, strategy, trade-policy advocacy, and start-up operations across the Technology, Media, Mineral Resources, and Professional Services sectors, in India, Europe, and North America. He holds an MSc. in Finance from London Business School, U.K., and a Bachelor of Commerce from Delhi University, India.

“We are excited to have Gaurav joining our team. He brings a mix of entrepreneurial skills and business experience that will help us, and our investee companies grow,” said Alex Baluta, CEO of Flow Capital. “Donnacha has made significant contributions to our business. I would like to thank him for his hard work and dedication and wish him every success in the future.”    

COVID-19 Impact Assessment

Flow Capital is closely monitoring the evolving COVID-19 developments and has established a regular cadence of gathering updates from investee companies. All portfolio companies have confirmed that their resources have safely transitioned to remote-enabled operating models where possible. Only one company has temporarily quarantined its operating facilities, for two weeks, as a precautionary measure.

Impact on demand at portfolio companies has been mixed. Several companies have cautioned that some of their clients are slowing fulfillment cycles and delaying new purchases. However, they believe it may be early to make a meaningful assessment of the impact on revenues. One company has seen a delay in order delivery capability primarily due to short term supply chain disruptions in Asia.

Conversely, investee companies in fields related to essential services (e.g. healthcare) and communications infrastructure, or others that offer services and software rather than physical product, are observing stable or even slightly increasing demand.