Fintech
Solution Announces Appointment of Randy Smyth as Director and Chairman of the Board
Vancouver, British Columbia–(Newsfile Corp. – November 16, 2020) – Solution Financial Inc. (TSXV: SFI) (the “Company“) a leading provider of luxury automotive and yacht leasing in Western Canada, is pleased to announce the appointment of Mr. Randy Smyth as Director and Chairman of the Board effective as of the date of this release.
Mr. Smyth is a successful entrepreneur with over 30 years of experience within the financial services sector. He has successfully built several national leasing companies in his career, the first of which, Mercado Capital Corporation, was successfully sold in 2007 to a BC Credit Union. Randy is currently the CEO of Geminus Acquisition & Management Inc. as well as serving as a senior executive for Arctos Capital LLC, Stride Capital Corp., Community Vehicle Financing and Leasing Inc. and Arundel Capital Corporation.
“Randy Smyth has the proven track record of leading and growing highly successful leasing businesses across Canada and this aligns perfectly with our growth objectives,” began Bryan Pang, Solution’s CEO. “We are very excited about the potential to bring our unique approach to leasing to other key markets in Canada and having Randy on our team as a key strategic leader will be extremely helpful as we approach new market opportunities and expand our network of financing partners.”
Randy Smyth Biography
Randy began his career working for over a decade in institutional banking before jumping into private merchant banking which proved to be a pivotal moment in his career. In 1992, Randy founded Mercado Capital Corporation, an industrial equipment Lessor originating more than $75 Million in transactions annually. By 2007 the company had expanded throughout English-speaking Canada and comprised a book of business exceeding $100 Million. In May of 2007 he sold the business to a BC Credit Union.
From 2007 until 2012 Randy spent time as a Director for a private manufacturing company, Special Olympics and a Co-Chair for the 2011/12 IIHF World Junior Hockey tournament.
In June of 2012 Randy founded Arundel Capital Corporation which is headquartered in Calgary Alberta and has been systematically growing a consolidated leasing operation both organically and through the acquisition of several accretive leasing businesses across Canada. These various lease and finance platforms offer financing solutions spanning both commercial and consumer sectors and encompass a consolidated portfolio in excess of $250 Million.
In connection with Mr. Smyth’s appointment, Solution has granted an aggregate of 350,000 fully vested stock options on November 16, 2020 each such option being exercisable into one common share at a price of $0.40 per share.
The appointment of Mr. Smyth is subject to TSX Venture Exchange approval.
About Solution
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 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“
Bryan Pang
President, CEO and Director
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES