(TheNewswire)
Vancouver, B.C. / TheNewswire / November 13, 2018 – Solution Financial Inc. (TSX-V: SFI) (the “Company”) is pleased
to provide an update on key business metrics of its in-house lease portfolio. The Company finished the fiscal year with over $10.2
Million of in-house lease transactions representing a 98% increase over the prior year’s $5.2 Million of in-house lease
transactions. “We are happy we reached $10 Million for the year representing 125 luxury and exotic cars and yachts being
leased compared to only 92 last year. This increase brings our total leased asset portfolio to over $12 Million generating an
average effective interest rate of 14.67%.” said Bryan Pang, Solution’s CEO. “Despite a slowdown in the Vancouver luxury car
market in 2018 due to the higher provincial sales taxes on luxury vehicles that came into effect in April 2018, we continued to see
increasing demand for our leasing alternatives. The increase in the in-house portfolio is attributable to the deployment of
capital raised in the course of the Company public offering which was completed in the summer of 2018. The capital raised has
allowed the in-house lease portfolio to grow much faster and we’re excited about the potential to expand into other key markets
across Canada that are under serving the luxury auto industry.”
The increase in in house leases represents record growth in the in-house portfolio and demonstrates the value of
capital when deployed in the business.
With this goal in mind, the Company is closing the previously announced 3.99% convertible debenture financing and
announcing a non-brokered financing up to $5,000,000 principal amount convertible debentures (“Debentures”). The Debentures
will mature on the second anniversary of the date of issuance and bear interest at a rate of 5% per annum, calculated and paid
semi-annually. The principal amount and any accrued and unpaid interest on the Debenture may be convertible into Common
shares, in whole or in part, at any time following the Issue Date but on or before the Maturity Date at a conversion price of $0.50
per Share.
The proceeds of the financing will be used to expand the Company’s portfolio of in-house leases.
The offering of the Debentures is subject to the receipt of all necessary approvals, including the final approval of
the TSX Venture Exchange.
The Debentures will not be listed or posted for trading on any exchange.
About Solution Financial
Solution Financial was incorporated under the provisions of the Business Corporations Act (British Columbia) in 2004
and specializes in sourcing and leasing luxury and exotic vehicles, yachts and other high value assets. Solution works with a
select group of automotive and marine dealerships providing lending solutions to clients who cannot obtain leasing terms with
traditional Canadian financial institutions. Typical customers include new immigrants, business owners and international students.
Solution Financial provides a unique leasing experience whereby it partners with its clients to help them navigate the challenges
of acquiring, insuring, maintaining and upgrading vehicles and luxury assets in Canada.
For further information please contact Sean Hodgins at (778) 318-1514.
ON BEHALF OF THE BOARD
(signed) “Bryan Pang”
Bryan Pang
President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release contains forward-looking information and statements that are based on
assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance. The terms and phrases “goal”, “commitment”, “guidance”, “expects”,
“would”, “will”, “continuing”, “drive”, “believes”, “indicate”, “look forward”, “grow”, “outlook”, “forecasts”, “intend”, and
similar terms and phrases are intended to identify these forward-looking statements, including but not limited to statements
regarding the Offering, receipt of all regulatory approvals related to the Offering and the use of proceeds thereof. The Company
cautions that all forward looking information and statements are inherently uncertain and that actual performance may be affected
by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks
and uncertainties relating to the Company’s ability to receive all necessary regulatory approvals for the Offering. Accordingly,
actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations
expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise forward-looking information.
This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Debentures and
the Shares which may be issued on exercise thereof have not been and will not be registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state
securities laws.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2018 TheNewswire - All rights reserved.