CHANCELLOR FORECASTS SIXTH CONSECUTIVE PROFITABLE QUARTER
Boston, MA – April 1, 1999: Chancellor Corporation (OTC BB: CHLR) announces today that it expects its first quarter ended March 31, 1999 to be the Company's sixth consecutive profitable quarter since the implementation of the Company's management transition and restructuring plan in March 1997. With six profitable quarters behind it, the continued progress in its operating results and several key acquisitions completed, including the acquisition of Tomahawk Truck and Trailer Sales (“Tomahawk”) and several equipment lease portfolios, the Company has developed a strong foundation from which to grow in 1999.
The Company also reaffirms that it expects its fiscal year ended December 31, 1998 to be the Company's first profitable year in nearly a decade. Chancellor intends to release its final year-end results no later than April 15, 1999.
The Company has filed a Form 12b-25 with the Securities and Exchange Commission to extend, until no later than April 15, 1999, the filing date of its Annual Report on Form 10-KSB for the fiscal year ended December 31, 1998. This extension has been filed to allow the time necessary to complete the audit of the financial statements of Tomahawk. Based on the significant impact that Tomahawk will have on Chancellor's financial results in 1998 and beyond, the Company required additional time to properly prepare its financial statements to adequately reflect the full impact of this acquisition on the Company's growth and progress.
Chancellor Corporation is spearheading an evolution in the equipment leasing business through innovative financing and fleet management programs which reduce customers' total holding costs and significantly improve fleet management through asset management, equipment maintenance, fuel management and data management strategies. Since its founding in 1977, Chancellor has completed a total of approximately $1.5 billion in equipment lease transactions for its Fortune 500 and middle market customers in the U.S. and international markets, including South Africa, the CIS and the Far East.
Chancellor is a fleet management and transportation equipment leasing firm headquartered in Boston. The Company's Internet address is chancellorcorp.com. The Company is publicly traded under the symbol "CHLR".
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties,
including, without limitation, demand and competition for the Company's lease financing services and the products to be leased by the Company, the continued availability to the Company of adequate financing the ability of the Company to recover its investment in equipment through remarketing, and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings.
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