easyhome Ltd. Changes Legal Corporate Name to goeasy Ltd.
MISSISSAUGA, ONTARIO - (Marketwired) - September 01. 2015 - easyhome Ltd. (TSX:EH), ("easyhome" or the "Company"), the leading full service provider of goods and alternative financial services that improves the lives of everyday Canadians, announced a change to its legal corporate name from easyhome Ltd. to goeasy Ltd., effective September 17, 2015. At the same time, the Company will be changing its TSX symbol from EH to GSY.
The change in the Company's legal name comes as it marks the one year anniversary of the launch of its master brand, goeasy, which was created to provide a corporate umbrella that unites and supports its sub-brands of easyhome and easyfinancial. "Given the success of our goeasy master brand initiative, it is a natural transition to align the corporate parent company to goeasy Ltd.," said David Ingram, goeasy's President and Chief Executive Officer.
The change reflects both the evolution and growth in the business as it moves from a name that was aligned with the legacy leasing business to a corporate name that encompasses all of the Company's business units and its ambition to add new goeasy brands as it executes against its strategic goals. "By the end of 2015, easyfinancial will generate a greater portion of the Company's revenue and earnings," continued Mr. Ingram. "As we look towards the future, we will be recognized more for our financial services and so the distinction from our legacy business is important."
Since the launch of the goeasy master brand in September 2014, the Company has completed many key initiatives that are consistent with its stated strategy of evolving its delivery channels, expanding the size and scope of easyfinancial and executing with efficiency and effectiveness.
- In December 2014, goeasy significantly advanced its exit of the U.S. marketplace by selling its remaining U.S. franchise royalty stream.
- In February 2015, the Company acquired 45 retail locations from The Cash Store Financial Services Inc.
- In July 2015, the Company acquired the 14 remaining merchandise leasing stores from Rent-a-Center, Inc., announced a partnership with Leon's Furniture Limited to provide a new customer financing program and, most recently, increased its credit facility to $300 Million.
- Since the launch of the goeasy master brand, the Company's consumer loans receivable portfolio has grown from $166 million to over $246 million today and easyfinancial has opened over 70 new locations.
In addition to the corporate name change and adoption of the new stock exchange symbol, during the next few weeks the Company will be rolling out two further strategic initiatives. Redesigned eCommerce websites will be introduced to enhance the customer experience and goeasy academy, the Company's financial literacy platform supported by EnRICHed Academy, will provide customers with financial education that gives them the information and tools to help them take control of their financial success.
goeasy Ltd. is the leading full service provider of goods and alternative financial services that improves the lives of everyday Canadians. Today, goeasy Ltd. serves its customers through two key operating divisions, easyhome Leasing and easyfinancial. easyhome Leasing is Canada's largest lease-to-own company offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. easyfinancial is the leading provider of alternative financial services offering consumer loans between $500-$10,000 and is supported by a strong central credit adjudication process and industry leading risk analytics. easyfinancial also operates an indirect lending channel, offering loan products at the point-of-sale to merchants. Both operating divisions of goeasy Ltd. offer the highest level of customer service and enable customers to transact through a national store and branch network of over 180 easyhome Leasing and 200 easyfinancial locations across Canada and through its online and mobile eCommerce enabled platforms.
goeasy Ltd. is listed on the TSX under the symbol 'GSY' ('EH' until September 17, 2015). For more information, visit www.goeasy.com.
SOURCE easyhome Ltd.
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer