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SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VANCOUVER, BC, Feb. 21,
2023 /CNW/ - Solution Financial Inc. (TSX:
SFI) ("Solution" or the "Company") a
provider of luxury automotive and yacht leasing in Western Canada, announced today that it has
received approval from the Toronto Stock Exchange ("TSX")
for the renewal of its Normal Course Issuer Bid (the
"Renewed NCIB"),
Under the Renewed NCIB, a total of up to 4,364,513 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. As at February 17, 2023, Solution had 87,290,273 common
shares issued and outstanding.
The term of the Renewed NCIB will commence on February 27, 2023 and continue until February 26, 2024, when the Renewed NCIB expires,
or such earlier date as the Company completes its purchases
pursuant to the Renewed NCIB and notice of intention filed with the
TSX.
The Company will continue to engage PI Financial Corp.
("PI") to act as the broker through which the Renewed NCIB
will be conducted including entering into an automatic share
purchase plan with PI.
All purchases of common shares under the Renewed 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 Renewed 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 Renewed NCIB on
the TSX is 1,980 based on 25% of the average daily trading volume
on the TSX for the prior six months (being 7,920 Shares on the
TSX).
Solution's most recent normal course issuer bid (the "2022
NCIB") commenced on February 7,
2022, for the purchase of up to 4,472,213 common shares, and
expired on February 6, 2023. Solution
repurchased 2,154,000 common shares for cancellation under the 2022
NCIB, at a volume weighted average repurchase price per common
share of $0.34. All repurchases were made through the
facilities of the TSX.
The Company reserves the right to terminate the Renewed 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 Renewed 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 Renewed 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.