SOLUTION FINANCIAL INC. ANNOUNCES NORMAL COURSE ISSUER BID UNDER THE FACILITIES OF THE TSX

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, Feb. 3, 2022 /CNW/ - Solution Financial Inc. (TSX: SFI) ("Solution" or the "Company") a provider of luxury automotive and yacht leasing in Western Canada, announces that the Toronto Stock Exchange ("TSX") has accepted the Company's Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB").

Under the NCIB, a total of up to 4,472,213 common shares may be purchased through the facilities of the TSX and may also be made through alternative Canadian trading systems, representing 5% of the issued and outstanding common shares of the Company, and any such purchases will be at market prices. 

The Company's existing NCIB (the "Previous NCIB") commenced on December 18, 2020 under the facilities of the TSX Venture Exchange and expired on December 17, 2021.  The Previous NCIB was not continued upon graduation to the TSX.  Under the Previous NCIB 4,068,111 common shares were sought and approved for purchase by the Company and 1,987,500 common shares were actually purchased under the Previous NCIB at a volume weighted average price of $0.37 which was paid for such purchases

The Company has received approval from the TSX to commence this bid on February 7, 2022.

The Company will continue to engage PI Financial Corp. ("PI") to act as the broker through which the NCIB will be conducted including entering into an automatic share purchase plan with PI.

All purchases of common shares under the NCIB may be made on the TSX, at the market price at the time of purchase in accordance with the rules and policies of the TSX.  The rules and policies of the TSX contain restrictions on the number of common shares that can be purchased under the NCIB, based on the average daily trading volumes on the TSX.

As a result of the restrictions, the maximum number of common shares which can be purchased per day during the NCIB on the TSX is 2,573 based on 25% of the average daily trading volume on the TSX for the prior six months (being 10,292 Shares on the TSX).

The NCIB will terminate on February 6, 2023 or earlier if the maximum number of common shares authorized for repurchase under the NCIB have been purchased.  The Company reserves the right to terminate the NCIB earlier if it feels it is appropriate to do so.  Solution believes that the purchase of its common shares at recent market prices is an appropriate investment by Solution since, in its view, recent market prices do not reflect the underlying value of Solution's business.  The NCIB will provide Solution with the flexibility to purchase common shares as part of its capital management strategy which is designed to maintain healthy regulatory capital ratios while balancing the objective of generating shareholder value.

All common shares acquired by Solution under the NCIB will be cancelled. Repurchases will be subject to compliance with applicable Canadian securities laws.

About Solution

Solution Financial was incorporated in 2004 and specializes in sourcing and leasing luxury and exotic vehicles, yachts and other high value assets.  Solution works with a select group of automotive and marine dealerships providing lending solutions to clients who cannot obtain leasing terms with traditional Canadian financial institutions or other sub-prime lenders.  Typical customers include new immigrants, business owners and international students. Solution Financial provides a unique leasing experience whereby it partners with its clients to help them navigate the challenges of acquiring, insuring, maintaining and upgrading vehicles and luxury assets more frequently than most leasing companies.

ON BEHALF OF THE BOARD

(signed) "Bryan Pang"

Brian Pang
President, CEO and Director

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Solution Financial Inc.

please contact Sean Hodgins at [phone]