TORONTO, Jan. 18, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)
("Element" or the "Company"), Canada's leading independent equipment finance
company, today announced that it has completed the previously announced
acquisition of 100% of the shares of Nexcap Finance Corporation ("Nexcap") for
approximately $20 million plus and assumption of $75 million debt financing.
With the completion of the Nexcap acquisition, Element has increased its
finance asset portfolio to approximately $1.5 billion.
GMP Securities L.P. acted as financial advisor to Element in connection with
the acquisition and Blake, Cassels & Graydon LLP acted as legal counsel.
About Element Financial Corporation
With total assets of approximately $1.5 billion, Element Financial Corporation
is Canada's leading independent equipment finance company. Element operates
nationally 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 through the Company's TLS Fleet Management
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 and the anticipated growth of the
Element business, may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting the company,
including risks regarding the equipment finance industry, economic factors and
the equity markets generally and many other factors beyond the control of
Element. 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 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.
John Sadler Senior Advisor (416) 386-1067 ext. 313
Michel Béland Chief Financial Officer (416) 386-1067 ext. 225
SOURCE: Element Financial Corporation
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-0- Jan/18/2013 21:04 GMT
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