DealNet Accelerates Underwriting Following Closing of Financing Facility
May 26, 2014 - TORONTO, ONTARIO
DealNet Capital Corp. (the "Company" or "DealNet") (CSE: DLS)(PINKSHEETS: GAIMF) is pleased to provide an update on its wholly-owned subsidiary, One Dealer Financial Services Inc. ("One Dealer Financial"), the Company's consumer finance services division. The Company provides comprehensive service offerings including financing solutions to independent Heating, Ventilation and Air Conditioning ("HVAC") dealers and their customers. This extensive suite of services includes HVAC equipment financing, product supply, marketing services, customer support services and extended warranty products.
One Dealer Financial Services
One Dealer Financial announced today that it has closed on an initial finance facility and is aggressively expanding retail funding of HVAC rental and finance deals. The announcement highlights what is expected to be the first of an ongoing series of financing agreements, designed to provide One Dealer Financial with sufficient underwriting capital to satisfy the anticipated demand for rental contracts across the Company's growing dealer network. The Company self-funded deals through the first quarter of 2014 to test all aspects of the credit and cash management systems. These tests proved to be successful and with the new finance facility in place, the Company will now be in a position to ramp-up its retail finance portfolio.
"We pride ourselves on having solid operational discipline in all aspects of our business. Our testing through the first quarter gives us exceptional comfort that we can handle the significant dealer demand," stated Bob Cariglia, President and Chief Executive Officer of DealNet Capital Corp. "We have also generated significant interest in our offerings as evidenced by the signing of fifteen dealers, and a pipeline of over forty contracts in process."
About One Dealer Inc.
One Dealer Inc. is a wholly-owned subsidiary of DealNet Capital Corp., providing a full suite of comprehensive services and financing solutions to independent HVAC dealers and their customers. One Dealer Financial Services Inc., a provider of consumer financing and underwriting, is a wholly-owned subsidiary of One Dealer Inc. Please visit www.onedealernetwork.com for more information.
About DealNet Capital Corp.
DealNet Capital Corp. is a public company that trades under the symbol DLS on the Canadian Securities Exchange, formerly the Canadian National Stock Exchange. DealNet is a merchant banking company with a flexible investment mandate and a strategic focus on recurring revenue businesses. The company has recently focused its investments towards the thriving North American Business Process Outsourcing (BPO) Market as well as the Consumer Financing Market by leveraging its recently acquired BPO division. DealNet continues to look for acquisition opportunities in these key markets in order to continue to drive competitive advantages and growth.
ON BEHALF OF DEALNET CAPITAL CORP.
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This press release contains certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect. These statements involve risks and uncertainties including, without limitation, DealNet Capital's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
DealNet Capital Corp.
President and CEO
First Canadian Capital Corp
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