Solution Financial Inc. Announces Normal Course Issuer Bid
Vancouver, British Columbia--(Newsfile Corp. - December 13, 2019) - Solution Financial Inc. (TSXV: SFI) ("Solution" or the "Company") a leading provider of luxury automotive and yacht leasing in Western Canada, announces that the TSX Venture Exchange ("TSXV") has accepted the Company's Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB").
Under the NCIB, a total of up to 3,966,202 common shares may be purchased through the facilities of the TSXV, representing 5% of the issued and outstanding common shares of the Company, and any such purchases will be at market prices. The NCIB will commence on or after December 18, 2019 and will end on December 17, 2020 or on such earlier date as the Company may complete its purchases pursuant to the NCIB or as it may otherwise determine.
Solution believes that the purchase of Solution common shares at recent market prices is an appropriate investment by Solution since, in its view, recent market prices do not reflect the underlying value of Solution's business. Having an NCIB in place will provide Solution with the flexibility to purchase common shares as part of its capital management strategy which is designed to maintain healthy regulatory capital ratios while balancing the objective of generating shareholder value.
All common shares acquired by Solution under the NCIB will be cancelled. Repurchases will be subject to compliance with applicable Canadian securities laws.
Solution Financial was incorporated 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 or other sub-prime lenders. 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 more frequently than most leasing companies.
For further information please contact Sean Hodgins at (778) 318-1514.
ON BEHALF OF THE BOARD
(signed) "Bryan Pang"
President, CEO and Director
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the 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.
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