TORONTO, ONTARIO--(Marketwired - Jan. 18, 2017) - Dealnet Capital Corp. ("Dealnet" or the "Company") (TSX VENTURE:DLS), has released preliminary selected financial information for the quarter and year ended December 31, 2016.
- The Company originated approximately $22 million of new consumer finance receivables during the fourth quarter, compared to $23 million during the third quarter of 2016, reflecting a typically slower December due to the holiday season.
- The Company received record cash proceeds of approximately $29 million from the securitization of consumer finance receivables during the fourth quarter compared to $21 million during the third quarter of 2016. The proceeds from securitization are an important source of cash for the Company which becomes available to fund future originations.
- Total originations for the 2016 calendar year were approximately $79 million, which built upon the $72 million portfolio acquired with the EcoHome acquisition in February 2016.
"I am extremely proud of our accomplishments this year, having started 2016 with a portfolio of less than $2 million. With the acquisition of EcoHome, our record originations in 2016 and the portfolio acquisition announced on January 13, 2017, we start 2017 ahead of our own expectations. Our growth rate is the result of an exceptional offering in the market, underpinned by the most robust funding and engagement platform in the business", stated Michael Hilmer, CEO. "Advancements in our technology platform will further differentiate us in 2017, fueling rapid growth of OEM and home improvement dealer channels."
Forward Looking Statement
This news release contains certain "forward-looking information" within the meaning of applicable securities law including statements regarding the Company. 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.
About Dealnet Capital Corp.
Dealnet is an engagement enabled consumer finance company that is initially focused on home improvement finance solutions including heating ventilation and air conditioning financing and leasing. Dealnet leverages its large scale customer service and engagement technology platform to attract home improvement dealers by providing front and back office services to them resulting in dealer origination growth.
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