Simply Group Acquisition Corp. Completes Compulsory Acquisition of Common Shares of Dealnet Capital Corp.
TORONTO, Nov. 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, today announced that the Offeror has completed its previously announced compulsory acquisition under the Business Corporations Act (Ontario) of all of the outstanding Dealnet common shares (“Common Shares”) not already owned by it following its previously announced successful take-over bid. As a result of the acquisition of such Common Shares, the Offeror now owns 100% of the issued and outstanding Common Shares. At Dealnet’s request, the trading of the Common Shares on the TSX Venture Exchange (the “TSXV”) has been halted and Dealnet expects that it will be delisted from the TSXV on or about November 27, 2020, subject to approval of the TSXV. In addition, Dealnet has applied to the relevant securities commissions to cease to be a reporting issuer in all applicable jurisdictions in Canada.
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 www.sedar.com.About Simply GroupWith more than $1.45 billion in assets under management, Simply Group (mysimplygroup.com) provides industry leading, high-efficiency, home comfort equipment and 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 TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.Contact InformationDealnet Capital Corp.Brent Houlden
Chief Executive Officer
(905) 695-8557 ext.1145
email@example.comSimply Group of CompaniesSean Milne
Chief Financial Officer