Dealnet Announces Second Consecutive Quarter of 35% Origination Growth
TORONTO, July 11, 2019
TORONTO, July 11, 2019 /CNW/ - Dealnet Capital Corp. ("Dealnet" or the "Company") (TSX VENTURE: DLS) announced today that organic originations of financial contracts for the quarter ended June 30, 2019 were $12.9 million (Q2 2018 - $9.5 million; Q1 2019 - $12.5 million). This represents an increase of 35% over the second quarter of 2018 and 3% above the previous quarter. The originations are of a higher credit quality and will generate a higher weighted average yield than the prior year.
About Dealnet Capital Corp.
Dealnet is a specialty finance company serving the $20 billion Canadian home improvement finance market. The Company 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. The Company runs its Consumer Finance segment through the operating business, EcoHome Financial Inc. Through a dealer network, the Company 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.
In addition, the Company operates its Call Centre segment in the business communications industry in Canada and the U.S. under the One Contact banner, offering customer support services on a contract basis to third party institutions.
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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.
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.
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Contact Information: Brent Houlden, Chief Executive Officer, (905) 695-8557 ext.1145, [email protected]; Michael Koshan, Chief Financial Officer and Treasurer, (905) 695-8557 ext. 1113, [email protected] CNW Group 2019