Sony of Canada and Onset Capital Form Financial Service Alliance
Dealers, Customers Gain Flexible Financing Options for Sony Broadcast
Product Line through T&W/Accel Joint Venture
TACOMA, Wash., Oct. 27 /PRNewswire/ -- Sony of Canada Ltd. and Onset Capital Corporation have formed a strategic alliance to provide a complete range of flexible financial services to Sony
dealers and customers for all Sony broadcast and professional group products. The alliance with Sony of Canada will enable Sony customers to embrace the newest technologies at affordable financing
terms.
Onset Capital is a joint venture between T&W Financial Corporation (Nasdaq: TWFC - news), Accel Financial of Vancouver (Alberta: AFG - news), and the Onset Capital senior management group
headed by Joseph LaLeggia.
Onset Capital, a leading provider of conventional equipment financing based in Vancouver, will target Sony dealers and Sony Direct customers with a comprehensive line of financial services. Onset Capital
will support Sony's dealer network through their local direct salespeople across Canada.
''Making the move to a digital platform requires a serious technology investment, one that can place a tremendous financial burden on many of today's smaller broadcasters,'' said Tom Ray, vice-president
of sales, Business Professional Group, Sony of Canada Ltd. ''Through the professional services of Onset Capital, Sony of Canada is enabling customers to acquire industry-leading technology at affordable leasing rates.''
The Sony/Onset Capital financing arrangement will cover the entire Broadcast and Professional Group product line. The line includes cameras and camcorders, computer tape drives, digital transmission
products, editors, videoconferencing systems, videotape and disk recorders, monitors, projectors and more.
''With the current changes in the Canadian broadcast marketplace, easy access to leading-edge digital technology has become more important now than ever before,'' said Onset Capital president and chief
executive officer Joseph LaLeggia. ''Onset Capital is thrilled to be associated with a company of Sony's stature and looks forward to helping expand the Sony business in Canada.''
T&W Financial Chairman Michael Price added, ''This strategic alliance exemplifies the ability of Onset Capital to develop relationships with key equipment providers in Canada such as Sony. This opens up a
significant channel of originations in a niche business with creditors that fit our underwriting standards.''
''We are pleased with the progress that Onset Capital is making in the Canadian market,'' said Paul B. Luke, chief financial officer of T&W. ''Onset has made great strides in establishing financing
opportunities with high growth potential, such as the Sony alliance.''
The Broadcast and Professional Group (BPG) is a division of Sony of Canada Ltd., offering products for image capture, production, display, data recording, duplication, and electronic photography/publishing. BPG also markets professional video and audio equipment for broadcast,
production, business, industry, government, medical and education through a network of authorized dealers. Visit Sony of Canada on the World Wide Web at www.sony.ca.
Based in Tacoma, Washington, and founded in 1976, T&W Financial Corporation is a specialty commercial finance company. It provides equipment leasing, focusing primarily on the ''small ticket''
sector of the market, which are leases less than $250,000. Its customers are small-to medium-sized independent businesses throughout the U.S. and Canada.
This release contains forward-looking statements. These statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect the management's view only as of the date hereof. T&W undertakes no obligations to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in documents T&W files from time to time with the Securities and Exchange Commission.
SOURCE: T&W Financial Corporation
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