TORONTO, ON, & NORWALK, CT, June 28, 2013 /CNW/ - Element Financial
Corporation (TSX:EFN) ("Element" ) and GE Capital ("GE Capital")
closed the previously announced asset purchase transaction today
through which Element has acquired GE Capital's Canadian fleet
portfolio and the two companies have formed a strategic alliance to
deliver comprehensive vehicle fleet financing and management services
to cross-border customers in Canada and the United States.
The acquired GE Capital Canadian fleet operations will be combined with
TLS Fleet Management, Element's existing fleet management business, to
serve the domestic Canadian fleet industry under the Element Fleet
Management brand.
About Element Financial Corporation
With total assets of approximately C$2.4 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.
About GE Capital Fleet Services
GE Capital Fleet Services, based in Eden Prairie, Minn., is a global
fleet leasing and management company with strong capital resources,
unmatched data and analytics and deep strategic consulting capabilities
to help organizations find new ways to optimize their investments
throughout the fleet lifecycle. Visit our web site at www.gefleet.com or follow the company's eco news and updates via Twitter (@GEFleetSvcs).
About GE Capital
In Canada, GE Capital has provided commercial leasing and lending
solutions to mid-market companies for nearly 30 years. GE Capital is
one of the world's largest providers of credit and expertise, serving
more than one million businesses and nearly 80 million consumers. GE
Capital is an extension of GE's rich heritage of building and
supporting growth, providing customers with insight, knowledge and
expertise in addition to financing.
Forward Looking Statements
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
