TORONTO, Oct. 8, 2019 /CNW/ - Dealnet Capital Corp. ("Dealnet" or the "Company") (TSX VENTURE: DLS) announced today that organic originations of finance receivables for the quarter ended September 30, 2019 were $16.1 million (Q3 2018 - $11.5 million; Q2 2019 - $12.9 million). This represents an increase of 39% over the third quarter of 2018 and 25% above the previous quarter. The originations remain at a similar high credit quality and yield as the prior periods.
"Our origination momentum continues to build as we execute on our growth plans," said Brent Houlden, Dealnet's Chief Executive Officer. "Furthermore, we continued to add high-volume dealers during the quarter, many of whom have started to actively originate finance receivables with us," added Mr. Houlden.
About Dealnet Capital Corp.
Dealnet is a specialty finance company serving the $20 billion Canadian home improvement finance market. The Company develops and supports consumer sales financing programs for approved dealers and distributors under agreements with original equipment manufacturers (OEMs) that supply a wide range of home improvement products to the retail market. The Company runs its Consumer Finance segment through the operating business, EcoHome Financial Inc. Through a dealer network, the Company underwrites, originates, funds and services the prime quality loans and leases that homeowners need to finance the acquisition and installation of capital assets that improve the quality, comfort and safety of their homes.
In addition, the Company operates its Call Centre segment in the business communications industry in Canada and the U.S. under the One Contact banner, offering customer support services on a contract basis to third party institutions.
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This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE Dealnet Capital Corp.
For further information: Brent Houlden, Chief Executive Officer, (905) 695-8557 ext.1145, [email protected]; Michael Koshan, Chief Financial Officer and Treasurer, (905) 695-8557 ext. 1113, [email protected]