TORONTO, ONTARIO — (Marketwired) — 01/06/15 — (“DealNet” or the “Company”) (CSE: DLS) is pleased to announce that the majority of holders of the Company–s outstanding convertible debentures (the “Convertible Debentures”), which mature in December 2015, took advantage of the incentive offered by the Company as announced on December 16, 2014 (the “Incentive Program”) to convert their Convertible Debentures into common shares of the Company effective December 31, 2014.
Of the $2,415,000 outstanding principal on the Convertible Debentures at the time the Incentive Program was announced, $1,955,000 (representing approximately 81%) was converted effective December 31, 2014.
“We are extremely pleased with the response from our Convertible Debenture holders,” stated Bob Cariglia, DealNet–s President and CEO. “The fact that over 80% of this debt was converted into equity is a strong endorsement and illustrates solid confidence in the execution of our business plan.”
Holders of Convertible Debentures are entitled to convert the Convertible Debentures into common shares of the Company at the ratio of five (5) common shares for every $1.00 of Convertible Debentures held. The previously announced Incentive Program consisted of the following:
As a result of the conversion of the Convertible Debentures noted above, the Company issued 9,775,000 common shares with an effective date of December 31, 2014. In addition, as part of the Incentive Program, the Company issued 9,775,000 common share purchase warrants and 586,500 common shares with an effective date of December 31, 2014. The securities issued pursuant to the Incentive Program are subject to a hold period until May 1, 2015.
About DealNet Capital Corp.
DealNet Capital Corp. is a public company that trades under the symbol DLS on the Canadian Securities Exchange. DealNet Capital has an investment mandate to acquire and develop investee companies focused on generating high margin recurring revenue through innovative customer engagement models. The Company has focused its investments towards two key industry verticals: the thriving North American business process outsourcing (“BPO”) market through its wholly-owned subsidiaries, OC Communications Group Inc. (“OCCGI”) and Impact Mobile Inc. (“Impact Mobile”); and the consumer financing market through its wholly-owned subsidiary, One Dealer Inc. (“One Dealer”).
ON BEHALF OF DEALNET CAPITAL CORP.
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The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect. These statements involve risks and uncertainties including, without limitation, DealNet–s ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
Contacts:
DealNet Capital Corp.
Bob Cariglia
President and CEO
+1-416-806-8816
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