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.
For additional information please visit www.sedar.com.
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.
Forward-looking Statements
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.