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Vancouver, British Columbia – (Newsfile Corp. – September 14, 2021) – Financial Solution Inc. (TSX: SFI) (the “Society“) a leading provider of luxury yacht and auto rentals in Canada, today announced its financial results for the third quarter ending July 31, 2021.

Profit Highlights for the Quarter:

• Net income increased to $ 406,455 and adjusted net income⁽¹⁾ increased to $ 531,092.
• Net sales increased 58% from the prior year quarter to $ 6,228,929.
• The total lease and finance contract portfolio decreased 3.5% to $ 22,647,562 from the prior quarter.
• Quarterly dividend on common shares of $ 0.001 per share or returns approximately 1% to the Company’s current share price of $ 0.45 per share.

“Our third quarter results are a strong indication of pent-up demand for luxury vehicles in the market after such a long hiatus due to COVID. This summer we saw a significant increase in lease transactions and late vehicle sales. leasing rates remained extremely strong due to the continuing shortage of microprocessors impacting the launch of new luxury vehicles to market. After the quarter ended, our August was the busiest month since starting. COVID with over $ 3.2 million in new leases added to our internal portfolio, “said Bryan Pang, CEO of Solution. We are also very excited to move to the TSX and look forward to connect with more investors interested in better understanding our expansion plans and our unique approach to luxury asset ownership that is a perfect fit for our era current societal and economic situation. This timeline fits well with the rollout of our luxury and ultra-luxury LeaseClub programs in Ontario, designed to help Ontario luxury dealerships sell more vehicles and help consumers better manage their cash flow and their vehicle use options versus other rental or ownership options, ”Bryan concluded.

Financial results

Solution reports net earnings of $ 492,455, or $ 0.005, per share for the quarter ending July 31, 2021. This compares to net earnings of $ 235,222 or $ 0.003 per share for the quarter ending July 31 2020.

Adjusted net income, which more reflects actual cash earnings, for the quarter ended July 31, 2021 was $ 531,092⁽¹⁾ or $ 0.006 per share compared to $ 301,084 or $ 0.004 per share for the quarter ended July 31, 2020. Adjusted net income excludes the non-cash accretion charge related to convertible debentures and right-of-use assets of 28 $ 148, stock-based compensation expense of $ 288 and amortization expense of $ 10,201.

Solution’s operating cash flow for the nine-month period ended July 31, 2021 decreased slightly to $ 4,214,474, compared to $ 4,667,047 for the quarter ended July 31, 2020.

Rental portfolio

As of July 31, 2021, Solution had 290 vehicles in the In House rental portfolio, a net decrease of 3 vehicles and $ 795,428 during the quarter to bring the total rental portfolio to $ 22.6 million.

As of July 31, 2021, the average residual term of the portfolio leases is 1.7 years, weighted by the net book value of each vehicle. As at July 31, 2021, Solutions’ 290 leases generated annualized gross rental and rental income of approximately $ 5.9 million, which remained the same as in the previous quarter.

About the solution

Solution Financial began operations 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 luxury auto and marine dealerships providing lending solutions to customers who cannot obtain lease terms from traditional Canadian financial institutions or other lenders. Typical clients include new immigrants, business owners, and international students. Solution Financial provides a unique rental experience through which it partners with its clients to help them meet the challenges of acquiring, insuring, maintaining and upgrading vehicles and luxury assets in Canada.

Note 1- Non-IFRS financial indicators

The solution provides all financial information in accordance with International Financial Reporting Standards (“IFRS”). To complete our consolidated financial statements presented in accordance with IFRS, we also provide with this press release certain non-IFRS financial measures, including adjusted net income. In calculating these non-IFRS financial measures, we have excluded certain transactions that are not necessarily representative of our day-to-day activities or that do not have an impact on cash flows. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be viewed in isolation or as a substitute for analyzing our financial information presented in accordance with IFRS.

Caution Regarding Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Such information includes, without limitation, statements regarding our objectives, our strategies to achieve those objectives, as well as statements made regarding the beliefs, plans, estimates, projections and intentions of management, and statements. similar regarding expected future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terms such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “believe” , “Should”, “plan” or “continue”, or similar expressions suggesting future results or events. This forward-looking information reflects the current beliefs of management and is based on information currently available to management. Although the forward-looking information contained in this press release is based on what management considers reasonable assumptions, there can be no assurance that actual results will be consistent with such forward-looking information. Certain statements included in this press release may be considered a “financial outlook” for the purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. hurry.

The forward-looking information contained in this press release is made as of the date of this press release and should not be construed as representing the views of Solution as of any date subsequent to the date of this press release. Unless required by applicable law, Solution’s management and board of directors do not undertake to publicly update or revise any forward-looking information, whether as a result of new information or future events. or otherwise.

For more information, please contact Sean Hodgins at (778) 318-1514.

ON BEHALF OF THE BOARD

(sign) “Bryan pang“
Brian pang
President, CEO and Director

Neither the TSX 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.

NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96423

BPK and BPKP will strengthen synergy and coordination through collaboration described in detail in the MoU

Jakarta (ANTARA) – The Indonesian Audit Agency (BPK) and the Financial and Development Oversight Agency (BPKP) signed a memorandum of understanding to expedite the follow-up review of the financial management of the State.

“As an auditing agency, BPK should work in synergy with BPKP under the Government Internal Oversight Apparatus (APIP) to monitor state finances,” BPK Chairman said, Agung Firman Sampurna, during the signing of the MoU here on Friday.

“BPK and BPKP will strengthen synergy and coordination through a collaboration described in detail in the MoU,” he added.

The newly inked MoU is an updated version of the previous MoU signed in 2011, Sampurna said.

Under the new agreement, BPK and BPKP have agreed to cooperate in exchanging data and information, he said.

According to Sampurna, this will be done using data from the information technology system developed by BPK and BPKP, using BPKP’s audit result report or BPK examination result, and using the opinion and BPK’s Examination Result Report Regarding the State Financial Management Review.

Other areas of cooperation between the agencies will include the use of auditors, joint audits on certain issues, education and training, research and development, as well as other activities in accordance with the agreement, a- he declared.

With this agreement, BPK and BPKP will expand the scope of their work to monitor and oversee the capacity of state institutions to manage the COVID-19 pandemic, he added.

“APIP acts as an independent and objective third line of defense. With this concept, the APIP plays an important role in the accountability of the implementation of national development, which corresponds to the role of BPK in the vision of BPK 2020-2024 ”, noted Firman.

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SAN DIEGO, August 19, 2021 (GLOBE NEWSWIRE) – LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), today released its monthly activity report for July 2021.

Total advisory and brokerage assets at the end of July were around $ 1.13 trillion, an increase of $ 17.6 billion, or 1.6%, from the end of June 2021.

Total new net assets for July stood at $ 10.0 billion⁽¹⁾, resulting in an 11.5%⁽²⁾ annualized growth rate. This included $ 3.0 billion in M&T Bank brokerage assets which incorporated in July⁽³⁾. Total new net advisory services assets amounted to $ 5.7 billion, resulting in a⁽²⁾ annualized growth rate.

Total customer cash balances at the end of July stood at $ 48.5 billion, roughly stable from the end of June 2021. Net purchases in July were $ 6.5 billion.

For more information on these and other LPL Financial business metrics, please see the company’s most recent earnings announcement, which is available in the quarterly earnings section of investor.lpl.com .

About LPL Financière
LPL Financial was founded on the principle that the firm should work for the adviser, not the other way around. Today, LPL is a leader * in the markets we serve, supporting more than 19,000 financial advisors, and approximately 800 institutional investment programs and 450 independent RIA companies nationwide. We are unwavering in our commitment to the advisor-centric model and our belief that Americans deserve access to objective advice from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services and technological resources that allow them to perfectly manage their practice. And they have the freedom to manage their customer relationships because they know their customers better. Simply put, we take care of our advisors so that they can take care of their clients.

* AIR Custodian (Cerulli Associates, 2019 US RIA Marketplace Report)
1st independent broker in the United States (based on total revenues, Financial Planning magazine June 1996-2020)
N ° 1 in brokerage services on behalf of third parties to banks and credit unions (TPM Annual Report 2019-2020 by Kehrer Bielan Research & Consulting)
Fortune 500 in June 2021

Securities and advisory services offered by LPL Financial LLC, a registered investment advisor. FINRA / SIPC member.

Throughout this communication, the terms “financial advisers” and “advisers” are used to refer to the registered representatives and / or representatives of the investment advisers affiliated with LPL Financial LLC. We regularly disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Forward-looking statements
Statements in this press release regarding the number of advisers that LPL expects to reflect as net new advisers in the third quarter of 2021, and any other statements that are not related to current facts or conditions or which are not purely historical, constitute forward-looking statements. statements. These forward-looking statements are based on the historical performance of the Company and its plans, estimates and expectations as at August 19, 2021. Forward-looking statements do not guarantee that future results, plans, intentions or expectations expressed or implied will be achieved. The matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause actual financial or operational results, levels of The activity or timing of events is materially different from those expressed or implied by forward-looking statements. Significant factors that could cause or contribute to such differences include the determination of the newly integrated partners of Waddell & Reed to terminate their affiliation with LPL Financial, as well as the other factors set out in Part I, “Section 1A. Risk Factors ”in the Company’s 2020 Annual Report on Form 10-K, as may be amended or updated in the Company’s Quarterly Reports on Form 10-Q or other documents filed with the Securities and Exchange Commission. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, even if its estimates change, and you should not rely on any statements contained herein as representing the views of the Company as of any date subsequent to the date of this press release.

Investor Relations – Chris Koegel, (617) 897-4574
Media Relations – Lauren Hoyt-Williams, (980) 321-1232
Investor.lpl.com/contactez-nous