TORONTO, ONTARIO — (Marketwired) — 10/13/16 — Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE: DLS) is pleased to announce that the six director nominees listed in its management information circular dated August 25, 2016 (the “MIC”) were elected as directors at the Company–s Annual General Meeting of Shareholders held earlier today in Toronto, Ontario (the “Meeting”).
The following six individuals nominated to serve as directors of Dealnet were elected at the Meeting. Voting results were as follows:
The re-appointment of Ernst & Young LLP as the external auditors of the Company and the ratification and approval of the 2015 Stock Option Plan were also approved at the Meeting.
Following the Meeting, the Board of Directors appointed Mr. Daniel Wittlin to the board of directors effective immediately. Due to the Company–s Advance Notice Bylaw, Mr. Wittlin was not included as a director nominee in the MIC for voting at the Meeting. At the time the MIC was issued, the Company and Mr. Wittlin were in preliminary discussions about the role and both sides had not yet completed the customary reference and conflict checks typically associated with the role. The Board determined that the appointment of Mr. Wittlin following the Meeting was the most logical path in light of the Company–s advance notice bylaw.
Mr. Wittlin is a serial entrepreneur with considerable experience in the financial services industry. He founded Enable Capital Corporation (“Enable”) in 2003, an asset based equipment leasing company focused on the manufacturing sector in Ontario. In 2008, alongside Enable, Mr. Wittlin acquired Blue Chip Leasing Corporation (“Blue Chip”) which specializes in providing equipment financing for small to mid-size transactions for businesses across Canada which was subsequently amalgamated with Enable.
In 2013, Mr. Wittlin acquired EcoHome Financial Inc. (“EcoHome”) which at the time was focused on providing finance solutions to the consumer HVAC market in Ontario. In March 2015, after considerable growth in Blue Chip and EcoHome, Mr. Wittlin sold both businesses to the Chesswood Group Limited (“Chesswood”) (TSX: CHW) for total consideration of $70 million and assumed the role of Chief Operating Officer with Chesswood until February 2016. At the time of the sale to Chesswood, Blue Chip and EcoHome had over $175 million in finance receivables, 20,000 active lease contracts and 50 employees. Mr. Wittlin continues to serve as a director of Chesswood.
Mr. Wittlin was instrumental in orchestrating the purchase of EcoHome by Dealnet in February 2016 from Chesswood and has continued to be a valuable resource for Dealnet following the acquisition.
Mr. Wittlin also co-founded Vault Mortgage Corporation (“Vault”) in 2013, a non-bank private mortgage lender with a specialty in residential construction financing. In 2016, Vault formed a private mutual fund trust to attract external investor capital and further scale the business. Since inception, Vault has funded over 150 mortgages with no realized losses.
Mr. Wittlin serves on the Board of Governors for the Friends of Simon Wiesenthal Centre and is a member of the Business Development Committee at Mount Sinai Hospital. He is a member of The Young Presidents Organization and he graduated with an Honours in Business Administration from the Richard Ivey School of Business at The University of Western Ontario.
“We are very pleased to have Daniel join the Board of Dealnet. Daniel is intimately familiar with the non-bank finance space, having run EcoHome prior to the sale to Chesswood” commented Dr. Steven Small, Executive Chairman of Dealnet. “Daniel adds considerable bench strength to the Board having built numerous finance companies from the ground up and brings with him many connections in the industry.”
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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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.
Contacts:
Dealnet Capital Corp.
Michael Hilmer
Chief Executive Officer
+1-855-912-3444
Dealnet Capital Corp.
Nicole Marchand
Investor Relations
+1-416-428-3533
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