TORONTO, Nov. 15. 2018 /CNW/ - Dealnet Capital Corp. ("Dealnet" or the "Company") (TSX VENTURE: DLS), announced today that its existing funding facilities with a Canadian life insurance company and a Schedule 1 bank have been renewed and expanded. "This is another significant step in the series of developments that have put Dealnet on the path to origination growth and to profitability," commented Brent Houlden, the CEO of Dealnet.
In addition, the following management changes will be effective November 23, 2018; Paul Leonard will be stepping down as the Company's Chief Financial Officer to pursue a new career opportunity in the banking sector, and Michael Koshan will be appointed to the position of Interim Chief Financial Officer and Treasurer. Mr. Koshan has served as Treasurer of the Company since 2016 and was appointed to the Board of Directors in May 2018.
"On behalf of the Board of Directors, I want to express our sincere appreciation to Paul Leonard for his leadership during a period of significant change for the Company," said Harold Bridge, Dealnet`s Chairman. "I also want to welcome Michael Koshan into his new role as Interim Chief Financial Officer of the Company as Dealnet continues to build on its strong financial foundation."
About Dealnet Capital Corp.
Dealnet is a specialty finance company servicing the $20 billion Canadian 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 live engagement platform, One Contact Communications, to provide 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: Contact Information: Brent Houlden, Chief Executive Officer, (905) 695-8557 ext.1145, [email protected]; John Sadler, Senior Director - Corporate Communications, (905) 695-8557 ext. 1348, [email protected]