Simply Group Acquisition Corp. Acquires 93.13% of Dealnet Capital Corp. and Commences Compulsory Acquisition

TORONTO, Oct. 26, 2020 (GLOBE NEWSWIRE) — Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE: DLS) and Simply Group Acquisition Corp. (the “Offeror”), part of the Simply Group of Companies, announce that the Offeror has taken up an additional 46,837,134 common shares of Dealnet (the “Deposited Shares”), representing approximately 16.56% of the issued and outstanding common shares of Dealnet (“Common Shares”), which were deposited during the mandatory 10-day extension period under the offer dated September 9, 2020 (the “Offer”) made to shareholders of Dealnet (“Shareholders”). The Offeror now owns or controls an aggregate of 263,453,572 Common Shares (representing approximately 93.13% of the issued and outstanding Common Shares). Immediately prior to taking up the Deposited Shares, the Offeror owned or controlled 216,616,438 Common Shares (representing approximately 76.58% of the issued and outstanding Common Shares). The aggregate consideration payable for the Deposited Shares is $7,493,941.44 (or $0.16 per Common Share).The Offer, which initially expired on October 14, 2020 and was subsequently extended until 8:00 p.m. (Toronto time) on October 26, 2020, has now expired and will not be further extended.“With the acquisition of Dealnet well on its way towards successful completion, I would like to thank Dealnet’s valued shareholders, employees and partners for their overwhelming support,” said Brent Houlden, Dealnet Chief Executive Officer. “We’re delighted that our strategic review process resulted in a premium offer for shareholders and believe that we have found an ideal owner for the business in Simply Group and industry veteran Lawrence Krimker.”As the Offer was accepted by holders of more than 90% of the issued and outstanding Common Shares, the Offeror is now exercising its right to acquire all of the remaining Common Shares not deposited under the Offer on the same terms as the Offer pursuant to the compulsory acquisition provisions of the Business Corporation Act (Ontario), as described in its Offer and take-over bid circular (the “Offer and Circular”). The Offeror will mail a notice of compulsory acquisition to all remaining holders of Common Shares shortly. The Offeror intends to cause the Common Shares to be delisted from the TSX Venture Exchange and cause Dealnet to cease to be a reporting issuer under applicable securities laws upon completion of the compulsory acquisition. Further details will be provided in the notice of compulsory acquisition.AdvisorsDealnet has engaged Goodmans LLP as its legal advisor, Origin Merchant Partners as its financial advisor and Longview Communications & Public Affairs as its strategic communications advisor in connection with the Offer.The Offeror has engaged Stikeman Elliott LLP as its legal advisor and Raymond James Ltd. as its financial advisor in connection with the
Offer. Kingsdale Advisors is acting as information agent and depository.
Information on Depositing Your Common SharesThe Offeror has retained Kingsdale Advisors to act as depositary and information agent (the “Depositary and Information Agent”) for the Offer. Shareholders can obtain copies of the Offer and Circular and related Offer materials at no charge from the Depositary and Information Agent.For additional information, Shareholders can contact the Depositary and Information Agent toll free in North America at 1-866-851-3214 or call collect outside North America at 416-867-2272 or by email at [email protected].About Dealnet Capital Corp.Dealnet is the parent company of subsidiaries operating in two market segments, consumer finance and call centre. The Company operates in the consumer finance segment in Canada through EcoHome Financial Inc. (“EcoHome”) and its call centre segment under the One Contact banner (“One Contact”). Dealnet’s head office is located at 130 King Street West, Suite 501, Toronto, ON M5X 1C7.EcoHome is a specialty finance company serving the $20 billion Canadian home improvement finance market. EcoHome develops and supports consumer sales financing programs for approved dealers and distributors under agreements with original equipment manufacturers that supply a wide range of home improvement products to the retail market. Through a dealer network, EcoHome 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. One Contact offers customer support services to both EcoHome and third-party institutions across Canada and the U.S.
For additional information please visit Simply GroupWith more than $1.25 billion in assets under management, Simply Group ( provides industry leading financing solutions to customers, to modernize their residential, commercial and industrial properties. Simply Group knows that its people are its greatest asset and is proud to be Great Place to Work-Certified since 2016. In 2020, Simply Group was named Best Business of the Year by the Canadian SME National Business Awards.The Offeror is located at 2225 Sheppard Avenue East, Suite 800, North York, ON M2J 5C2.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.Forward-looking StatementsThis 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, including the effects of COVID-19, 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 most recent 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.Contact InformationDealnet Capital Corp.Brent Houlden
Chief Executive Officer
(905) 695-8557 ext.1145
[email protected]
Simply Group Acquisition Corp.Kingsdale Advisors
Toll free: 1-866-851-3214
Local: 416-867-2272 
[email protected].

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