TORONTO, ONTARIO--(Marketwired - Oct. 31, 2016) - Dealnet Capital Corp. ("Dealnet" or the "Company") (TSX VENTURE: DLS) is pleased to announce that it has entered into multiple vendor finance agreements with distributors and manufacturers of home improvement products in Canada ("OEM's").
Over the past several months, the Company has worked closely with many OEM's and has entered into three strategic relationships that are expected to expand the Company's dealer base and further drive origination volumes. These relationships will result in the Company being the preferred financing solution for each OEMs dealer network where the dealers will offer Dealnet's point of sale financing solutions to Canadian homeowners. The new relationships are summarized as follows:
- An international distributor of Heating, Ventilation and Air Conditioning ("HVAC") and fireplace equipment. The Canadian subsidiary provides products from over 200 manufacturers to more than 100 dealers concentrated in major cities in Ontario and Quebec.
- A leading manufacturer of residential water treatment equipment. This manufacturer has relationships with over 125 home improvement dealers across Canada.
- A high-end window manufacturer with over 75 dealers located in Ontario.
Dealnet has commenced the dealer onboarding and training process with the dealer networks of our new partners and anticipates new financing transactions to scale next year as the programs are fully deployed to the more than 300 dealers we will welcome into our dealer network. Dealnet currently has over 400 active dealers generating originations across Canada and with these new relationships, the Company expects to more than double its active dealer count by the end of 2017 to deliver a growing base of origination sources for our financing solutions.
"We continue to listen to our OEM partners and their dealer networks to tailor our services and financing solutions to suit their product sales strategies. These new partnerships signal continued and accelerated support of our strategy and cultivation of the OEM market place." stated Michael Hilmer, Chief Executive Officer of the Company.
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 dealer origination growth.
For additional information please visit www.sedar.com.
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Forward Looking Statement
This news release contains certain "forward-looking information" within the meaning of applicable securities law including statements regarding the Company, expected growth in finance receivables, expected economies of scale and new dealer and OEM relationships. 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.