New Quebec Office Provides National Sales Financing Solution for OEMs and Announces 'Shares for Services' Arrangement
TORONTO, April 5, 2018 /CNW/ - Dealnet Capital Corp. ("Dealnet" or the "Company") (TSXV:DLS) announced today that it has commenced writing consumer finance contracts in the Province of Quebec providing the Company with a coast-to-coast service offering for original equipment manufacturers ("OEMs") looking to provide their dealers with a competitive, easy-to-use consumer financing solution.
Dealnet received approval from the Autorité des marchés financiers earlier this year in response to its application for a license to write consumer financing contracts in that province. Following the receipt of this approval, the Company opened and staffed its office in Montreal and has commenced approving and funding consumer finance contracts through Quebec-based equipment dealers.
"Adding Quebec to our service offering is an important milestone for Dealnet as it now enables us to offer full national coverage to OEM's that are looking for a one-stop competitive sales financing solution for their home improvement equipment dealers across Canada," said Brent Houlden, Dealnet's Interim CEO.
The Company also confirmed that it has received conditional approval from the TSX Venture Exchange ("TSXV") to issue 2,777,777 common shares priced at $0.108 per share to Paradigm Capital Corp. for services rendered in relation to Dealnet's December 2017 Debenture Financing pursuant to the rules of the TSXV. The shares issued pursuant to the 'Shares for Services' Arrangement will be legended and restricted from trading until July 6, 2018.
About Dealnet Capital Corp.
Dealnet is a specialty finance company servicing the $20 billion home improvement finance market through both dealer-based and direct homeowner-based originations of secured finance assets (equipment leases and loans). The company earns net finance income over the term of these assets and from fee income derived from the transaction support services that it provides to its dealer network. The Company also uses its engagement platform to provide customer support services on a contract basis to third-party institutions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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: Contact Information: Brent Houlden, Interim Chief Executive Officer, (905) 695-8557 ext.1145, [email protected]; John Sadler, Senior Director - Corporate Communications, (905) 695-8557 ext. 1348, [email protected]