Element Acquisition of GE Capital Canadian Fleet Assets Receives Clearance from Canadian Competition Bureau
Transaction Closing Expected June 28, 2013
TORONTO, June 25, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)
("Element") announced today that it has received clearance from the
Canadian Competition Bureau under the Competition Act (Canada) to
complete its previously announced acquisition of the assets of GE
Capital's Canadian fleet leasing business (the "Transaction").
Subject to satisfaction of the remaining closing conditions, it is
expected that the Transaction will close on June 28, 2013.
About Element
With total assets of approximately $2 billion, Element Financial
Corporation is one of North America's leading independent equipment
finance companies. Element operates across North America in three
verticals of the equipment finance market - Element Capital provides
large ticket equipment leasing, Element Finance serves the mid-ticket
equipment finance market and Element Fleet provides vehicle fleet
leasing and management solutions.
This release includes forward-looking statements regarding Element and
its business. Such statements are based on the current expectations and
views of future events of Element's management. In some cases the
forward-looking statements can be identified by words or phrases such
as "may", "will", "expect", "plan", "anticipate", "intend",
"potential", "estimate", "believe" or the negative of these terms, or
other similar expressions intended to identify forward-looking
statements. The forward-looking events and circumstances discussed in
this release, may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting the
company. No forward-looking statement can be guaranteed.
Forward-looking statements and information by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or
achievements, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statement or information. Accordingly, readers
should not place undue reliance on any forward-looking statements or
information. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Element undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE: Element Financial Corporation
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John Sadler
Senior Vice President
Corporate Affairs & Investor Relations
(416) 386-1067 ext. 2313
jsadler@elementfinancial.ca
Michel Béland
Chief Financial Officer
(416) 386-1067 ext. 2225
mbeland@elementfinancial.ca
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