TORONTO, Aug. 7, 2019 /CNW/ - Dealnet Capital Corp.
("Dealnet" or the "Company") (TSX VENTURE: DLS), reported
today that it has obtained the annual renewal of its existing
Senior Funding Facility with a major Canadian LifeCo. The
renewed facility provides for enhanced eligibility to fund
individual finance receivable contracts up to $100,000, along with increased monthly cashflows
for each pool funded, and permanent funding for Quebec originations at a significantly lower
cost of funds.
"The renewal of this facility at improved terms, along with
securing permanent funding for our Quebec originations at a cost of funds
commensurate with our originations across the rest of Canada, is a testament to the strong
relationship that we maintain with our major Canadian LifeCo
funding partner," said Brent
Houlden, Dealnet's Chief Executive Officer. "The
expansion of this funding facility reflects the confidence that our
LifeCo partner has in the Company's management team and its
operations."
About Dealnet Capital Corp.
Dealnet is the parent company of subsidiaries operating in two
market segments, consumer finance and call centre. The
Company operates in the consumer finance segment in Canada through EcoHome Financial Inc.
("EcoHome") and its call centre segment under the One Contact
banner ("One Contact").
EcoHome is a specialty finance company serving the $20 billion Canadian home improvement finance
market. EcoHome develops and supports consumer sales financing
programs for approved dealers and distributors under agreements
with original equipment manufacturers (OEMs) that supply a wide
range of home improvement products to the retail market. Through a
dealer network, EcoHome underwrites, originates, funds and services
the prime quality loans and leases that homeowners need to finance
the acquisition and installation of capital assets that improve the
quality, comfort and safety of their homes.
One Contact offers customer support services to both EcoHome and
third-party institutions across Canada and the U.S.
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.