TORONTO, ONTARIO--(Marketwired - Feb. 2, 2017) - Dealnet Capital Corp. ("Dealnet" or the "Company") (TSX VENTURE:DLS), is pleased to announce that it has launched its financial technology platform and two new strategic relationships in the home improvement market.
The Company's financial technology platform initially will automate credit and application processing on mobile and web enabled devices tying into our existing platform via a closed secure network, and streamlining the funding process for our dealers. The application is expected to be fully deployed in the first quarter across all OEM dealers and through the second quarter to our non-OEM dealers. Administrative dealer staff will be able to leverage the technology to manage throughput and volume to support their internal purchasing and scheduling decisions as well as administrative customer functions. The feature rich technology was designed in conjunction with dealers and a concise roadmap has been developed to continuously enhance features and functionality based on dealer input.
Over the course of 2017, additional modules will be released to various user types including consumers which will serve to create a frictionless lending experience and create a stronger and more efficient engagement between dealers, consumers and Dealnet. The Company expects to drive significant operational efficiency through the reduction in 'live' touch points while also reducing dealer and consumer processing times.
The Company also launched a significant new national distributor of plumbing products having approximately 4,000 dealer relationships across Canada. The Company anticipates onboarding 800 active dealers over the next 18 months who are expected to use the Company's new technology platform regularly. Onboarding of new dealers from this distributor commenced in January with over 20 dealers now active.
Additionally, Dealnet has launched another Heating Ventilation and Air Conditioning OEM relationship that has approximately 300 dealers across Canada. Dealnet has already added several dealers and will continue to activate the balance of dealers throughout 2017.
"In an industry where technology is table stakes, we chose to build our balance sheet first, and then accelerate efficiencies and long term growth with the introduction of market leading technology. We anticipate the result will be leadership in both balance sheet consumer lending and financial technology - a difficult combination to find in the market," stated Michael Hilmer, CEO.
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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